January 6th, South China Morning Post (SCMP) reported on a possible investment scheme created by Wong Ching-kit that may have duped Hong Kong based investors out of millions.

The “Coin Young Master” (Wong) runs various online groups to promote cryptocurrencies, from Facebook pages to the self-proclaimed co-founding of “File Cash Coin”.

He is being accused of misleading investors into buying mining equipment for his crypto coin, “Filecoin”, after being told their investments would pay dividends within the first quarter.

With a combined loss of about HK$3 million, four lead investors are now demanding a full refund while a local police spokesman has stated another 9 individuals with a combined loss of HK$940,000 and had already filed complaints with authorities, according to SCMP.

Speaking on behalf of the Democratic Party and its panel for financial policy, deputy spokesman, Ramon Yuen Hoi-Man., is currently urging regulation on the crypto sector by Hong Kong’s government and is reportedly attempting to help those affected despite having allegedly been the target of a threatening phone call.

SCMP reports Wong publically defending himself on social media.

”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.”

An unnamed police source confirms there is an ongoing probe into his company but he has yet to be charged with a crime. Reports say Filecoin was not yet tradeable and its investors have not been refunded despite promises from Wong Ching-kit.

It is reported that Wong was the figurehead behind the dumping of HK$6,000 off a high rise in Hong Kong’s Sham Shui Po marketplace in December where there is video of him beforehand commenting on money falling from the sky from the seat of his car. He was released on bail after being arrested in connection with the stunt.

A now-defunct crypto mining hardware firm was accused of similarly cheating investors in September of last year. GAW Miners was a United States based company founded in 2014 which sold a digital currency called PayCoin (XPY) as part of a confirmed Ponzi scheme that shut down in 2015.

An extensive lawsuit from investors and an investigation saw a guilty verdict where the CEO, Homero Garza, was sentenced to 21 years in prison for defrauding investors and ordered to pay $9.2 million in restitution to investors.

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