Authorities from Hong Kong's Commercial Crime Bureau have arrested a cryptocurrency business owner and his associate for allegedly scamming investors for millions of Hong Kong dollars. The digital entrepreneurs are also believed to have been the ones responsible for the recent "money in the sky" stunt in Sham Shui Po, which saw hundreds of HK$100 bills falling down from a high-rise building.
Officers arrested 25-year-old Wong Ching Kit, who is also known around the cryptocurrency scene as the "Coin Young Master." Also arrested is a yet to be identified 20-year-old man, believed to be Wong's associate. Both of the men were arrested at their office in the TML Tower located in Tsuen Wan.
The arrest came after hundreds of residents had complained to authorities that a company was scamming them into buying cryptocurrency mining machines worth almost US$400,000 in total. The company that sold the powerful computing machines was later linked to Wong and his associates. One Hong Kong resident had even filed a case in the country's District Court, which sought a full refund of US$16,000 that was paid for five mining machines.
Wong and his associate's firm was reportedly opened in 2017. The company reportedly launched a massive online campaign on different social media platforms to promote their mining machines. Authorities believe that there could be more victims of the scam, most of which may not have come forward yet.
Wong is believed to be the founder of a digital currency called "File Cash Coin," which he used to advertise his mining machines. Investors were promised ROI in less than three months with the use of Wong's machines. However, it was later found out that the digital coin itself wasn't yet traded in the digital currency market.
The company mostly advertised their product in a "high profile way," as stated by authorities. This included the "money in the sky" stunt, which Wong has outright denied any involvement. Witnesses, however, claimed that they actually saw Wong step out of his Lamborghini in Sham Shui Po asking bystanders if they believed money would fall from the sky. Wong also uploaded a video of him asking the question to bystanders shortly before the dollar bills started falling. After the stunt, Wong was arrested for disorderly conduct in public. He was later released on bail.
Following Wong's recent arrest, all of his company's assets, believed to be worth somewhere around US$637,000 were seized. Officers collected several items from his office and his luxury home on Hing Keng Shek Road in Sai Kung. The evidence collected included several powerful computers, cash, and documents.
