Investors Demand Refund from Hong Kong Millionaire Wong Ching-kit
Hong Kong investors who are four in number have come out to demand refunds of the capital given to Wong Ching-kit, a businessman who sells Bitcoin mining equipment, after claiming that the 24-year-old crypto promoter defrauded them.
According to South China Morning Post, the affected investors have suffered losses around HK$20,000 (roughly $25,000) to HK$1 million (around $1.2 million) each, losing around HK$3 million in total in the alleged fraud.
It is said that Wong sold a bitcoin mining scam to the investors, advising them to buy mining equipment to mine digital currency “filecoin” in exchange for mouth watering profits after three months. Investors claimed that they were told about the possibility of refunds if the coin failed to launch in time. However, Wong and the currency never honored the refund policies.
One of the investors was quoted by the SCMP saying:
“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.”