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A new crypto controversy has surfaced in Hong Kong where investors are claiming to have been duped by a promoter.

The investors claim to have invested in Wong Ching-kit’s cryptocurrency mining machines.

They now want a full refund from Wong, the flamboyant businessman, who has become caught up in this HK$3 million scandal. However, Wong claims that he has been unfairly targeted.

On Sunday, four investors demanded a refund from the 24-year-old Wong for being duped into investing in crypto mining machines.

The group of investors is backed by The Democratic Party which said it had received over 20 complaints from people since October 2018 who had invested in Wong’s scheme.

The investors are aged 20 to 49, and their losses range from KH$20,000 to HK$1 million.

Wong, who is also known as “Coin Young Master” is being linked to the scheme as he put on a huge stunt last month, throwing HK$6,000 from a high-rise in Sham Shui Po.

He was arrested on suspicion of disorderly content after the incident but released on bail. He had earlier posted videos online asking users if they “believe money will fall from the sky,” reports the South China Morning Post.

The man being accused of the cheating scandal runs a Facebook page and some online groups where he promotes cryptocurrencies. He also says that he co-founded File Cash Coin.

The mining equipment investors were sold, was to be used to generate the digital currency “filecoin.” Investors got to know about the business through social media and were promised a profit within three months.

The currency in question is not traded anywhere on the market and Wong did not honor refund requests, as stated by the investors.

Ms. Chiu, an investor who put HK$120,000 into the scheme, says:

“At first, I was told I could get a refund if filecoin could not be launched in time. But when we asked for a refund, he used delaying tactics and made different excuses to turn us down.”

Interestingly, the Sham Shui Po democrat councilor who is helping the investors, Ramon Yuen Hoi-man, asked the government to increase measures for regulating crypto.

Then a while later he said he received a threatening phone call, which he reported to the police. However, he stated the caller did not mention Wong or anything related to him.

Mr. Wong on his Facebook page wrote that he was unfairly targeted. He said:

“I sell mining machines only but am treated as if I have killed people. When they make money, there is no thank you. When they lose money, they call it a scam.,”

He also said that people don’t share their profits with him when they make money, but when they lose money, they ask for refunds.

He also said that business competitors had ran a smear campaign against him.

A police insider noted that Wong would have to face an all-round investigation to find out whether he was involved in money laundering, as it was reported he has an 8-figure sum in his bank accounts.

Hong Kong Crypto Investors Claim to Have Lost HK$3 Million in ‘Mining Machines’ Scam was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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