Hong Kong BTC Entrepreneur 'Wong Ching-Kit' Arrested In Mining Fraud.

Hong Kong BTC Entrepreneur 'Wong Ching-Kit' Arrested In Mining Fraud.

2019-03-01 | Robin Williams

Hong Kong BTC Entrepreneur 'Wong Ching-Kit' Arrested In Mining Fraud.

In line with a recent report by native media outlet ‘South China Morning Post,' an acknowledged Bitcoin [BTC] capitalist who was antecedently involved in “making it rain cash” on the streets of Hong-Kong, has reportedly been in remission for crypto mining-related fraud.

A young businessman ’25-year old’ named ‘Wong Ching-kit’ and his 20-year-old colleague have supposedly been in remission by Commercial Crime Bureau official at their office situated in Hong-Kong. They're reportedly being in custody for conspiracy to lure investors by selling them crypto mining equipments. Additional details on how or why these miner-related sales were considered illicit, are yet to be revealed.

As 'reported' earlier, Wong was the main suspect of luring several investors into buying mining equipments for a crypto-token named “Filecoin,” allegedly promising his purchasers profits on their investments within 3 months.

However, in line with the investors, the coin wasn't tradeable. As SMCP then 'stated', the Democratic Party, that was serving to those affected by the alleged 'fraud', stated that it received over twenty complaints since Oct. 2018. The total amount of their losses was summed around HK$3 Mln [$383k]. Some investors even demanded a full refund on their funds.

Following several complaints, the police promised to start an investigation into Wong’s activities, including suspected money laundering. However, the capitalist himself denied the accusations, claiming that he was being treated as if he killed individuals rather than just selling them mining equipments.

Wong was supposedly a part of a publicity 'stunt' in 'Hong Kong’s' comparatively poor district Sham Shui Po in Dec. last year. The capitalist appeared in an exceedingly video 'posted' on his firm Epoch’s Facebook page, asking whether or not anyone believed that money might fall from the sky. Stacks of bank notes reportedly amounting to HK$6,000 [$764] afterwards were thrown from a near-by rooftop.

Following the event, Wong was held in remission on suspicion of violation conducted publicly. However, later he was released on bail.

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