Investors Claim refund in a Hong Kong cryptocurrency scam case

The cryptocurrency scam is not something new. Many investors have lost money in the cryptocurrency sector globally due to such scams and fake promises being made.

As per recent news in Hong Kong, around four investors have raised a refund demand with respect to the capital given to Wong Ching-kit, a 24-year-old crypto promoter and a businessman involved in selling Bitcoin mining equipment. They cited that Wong had scammed them.

As per a report published in the South China Morning Post (SCMP), approximately HK$20,000 (almost $25000) to HK$1 million (almost $1.2 million) of amount is involved in the cryptocurrency scam, thereby resulting in a loss to the four investors which might total up to HK$3 million in the process.

As part of the scam, Wong had supposedly sold bitcoin mining machines to the investors by delivering fake promises that they would be entitled to earn exorbitant profits within a period of just three months by mining the digital currency “Filecoin” using the mining equipment. Further, as claimed by the investors, Wong also assured them a refund in case the coin fails to launch within the given stipulated time frame. The investors are now claiming that Wong and the currency never made good on any of the refund policies.

As per the Democratic Party, many others are also facing similar issues, with more than 20 investors have submitted complaints to the party since last October, while many others have filed a complaint with the Police department.

As per one of the investors, as quoted by SCMP, “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.”

Earlier in December, Wong was involved in a Money-tossing stunt case. He is considered as the prime suspect in the case that involved throwing of a minimum of HK$6,000 from a high-rise building in Shan Shui Po.

Though Wong denied his involvement in any such activities, the facts and evidence were against him. He was seen stepping out of a car in the neighborhood just moments before the incident occurred. He was also noted as asking the general public if they believed that “money could fall from the sky.” He was arrested on charges of disorderly conduct but was subsequently released on bail.

Earlier this week, Wong came out to deny the claims made against him by the investors and stated that he was not responsible for losses to anyone and was being falsely targeted.

Further, Wong alleged that he was only responsible for selling the machines and stated that the chances of losing were as equal to that of gaining and the investors need to be aware of the same.

He defended himself by stating that “When they make money, they won’t share their profits with me. But when they lose money, they ask me for money back. When they make money, there is no thank you. When they lose money, they call it a scam.”

About author


Earl Davison is a cryptocurrency enthusiast and believer. He has Master's degree in Economics and he is completely dedicated in analysis in cryptocurrencies since 2014. He leads our writers team to achieve user oriented content regarding cryptocurrencies and blockchain. He's also a crypto-trader.

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