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Report: Wong Ching Kit Accused of Defrauding Investors in Crypto Mining Investment Scheme

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SCMP (South China Morning Post), a local English newspaper reported on January 6 that an entrepreneur from Hong Kong had been implicated of cheating many investors in a cryptocurrency mining hardware investment scheme. The second largest political party in Hong Kong – The Democratic Party has acknowledged more than 20 complaints concerning the scheme, supposedly initiated by Wong Ching Kit since October 2018.

A total of HK$3 million has been reported till date majorly comprising of four investors, each suffering a loss of between HK$20,000 and HK$1 million. According to the newspaper, all four investors have demanded a 100 percent refund. According to reports by the SCMP, a police spokesperson stated that previously,  a total of 9 individuals (between the age of 29-41) had filed complaints with concerned authorities claiming of being duped of a total of HK$940,000 in Wong’s crypto business.

Mr Wong is also charged with misleading investors into buying hardware for mining in exchange for a crypto token ‘Filecoin’ purportedly guaranteeing his clients a profit within three months of investment. According to reports, Filecoin was not a tradable coin and investors claimed that the promises made by Wong regarding refunding their investments have still not been fulfilled.

The deputy spokesman, (Democratic party’s financial policy panel) Mr Ramon Yeon Hoi-man is reportedly is cooperating with the investors. However, he reported to the SCMP and the Police that he received a threat call. He further added that the call did not mention Mr Wong. Yeun has continuously been insisting the government to shape up its part to administer the crypto sector.

According to an unnamed police officer who gave a statement to the SCMP, till date Wong isn’t charged with anything, but according to reports, very soon, Mr Wong will face an all-around police probe concerning all his activities which can possibly include offences like money laundering. In his defence, Mr Wong took to social media stating that ‘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.’

Apart from so much against Mr Wong, SCMP reported that he is also believed to be the man behind a stunt that took place at Shui Po (Hong Kong) where bundles of notes(money) worth HK$6000 were supposedly thrown from the top of a high rise. Mr Wong was arrested on suspicion but eventually was released on bail. According to reports, CEO of GAW Miners was sentenced to 21 months in jail for defrauding investors by selling scam coins.

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