An entrepreneur from Hong Kong is in our crypto news today after he got accused of misleading crypto investors into buying crypto mining hardware according to South China Morning Post reports.
The second largest political party in China– the Democratic Party has received multiple complaints since October 2018 regarding the scheme that was conducted by a 24-year businessman Wong Ching-kit.
Some of those who got scammed suffered losses of about $2,500 up to $127,000 and now demand a full refund on their investments. A police spokesman said that 9 individuals have previously complained that they have been scammed from Wong after they invested more than $120,000 combined.
Wong is now accused of misleading investors into a crypto mining scheme after he promised the investors profits on their investments in less than three months.
The deputy spokesman for the Democratic Party Ramon Yuen Hoi-man is now working to provide help for the affected investors and says that the local police are clearing up the case. He also urged the government to focus on regulating the crypto sectors.
Wong hasn’t been previously charged but he is now facing charges for possible money laundering. He even posted 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.”
According to the South China Morning Post Wong is believed to be the person who threw away hundreds of dollars from a building in Hong Kong in December.