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On Sunday, mainstream media organizations reported that an encrypted millionaire invested more than $ 12 million in cash in one of Hong Kong's poorest neighborhoods.
Speaking at the CCN, Leonhard Weese, president of the Bitcoin Association in Hong Kong, confirmed that Wong Ching Kit, a 24-year-old man who was arrested almost immediately after causing a frenzy in a city in Hong Kong, is not a millionaire Bitcoin and that the individual has built wealth by operating a well-known ponzi scheme in the region.
"He's not a Bitcoin millionaire, he's handling a well-known pyramid scheme in the community, and this is a bit of uncritical attention," said Weese.
Watch the video of the money giveaway on Facebook.
Bad look for Bitcoin and Crypto
According to past reports of local publications, Wong would have operated a large pyramid scheme that guaranteed a return of more than four times the initial return. He was also arrested and found guilty of stealing cell phones in 2012 when he was a swimming instructor at Kowloon Park in Hong Kong.
In 2017, local publications linked Wong to so-called "London gold scams" that encouraged women to intentionally turn to people to invest a piece of capital in gold and escaped with the capital.
In July of last year, the Chief Inspector of the Hong Kong Commercial Crime Bureau, Marina Yin Hiu-yu, said:
"The girls claimed to be successful investment advisors, they also showed an elegant lifestyle on social media exhibiting luxury cars and watches, some victims had not even met the so-called financial stars before they accepted to open accounts, to sign documents to authorize brokers to trade on their behalf and pass the account password to the girls. "
At the time, many investors suspected that Wong was involved in London gold scams among other pyramid schemes in the area.
Recently, Wong has promoted a cryptocurrency mining computer that costs more than $ 3000, a price that is substantially higher than all products in the global mining industry.
South China Morning Post reported:
"The young man gave media interviews under various monikers, promoting investment products, including a HK $ 27,500 computer that could have been used for the extraction of cryptocurrencies.The company's research reports showed that Wong owns a company called Coin & # 39; s Group. The company was initially named Oscar Holding Group in 2017, but the name was changed on July 3rd of this year. "
However, most of the funds Wong has obtained over the years is suspected of coming from various scams to which he allegedly participated.
Not related to Bitcoin in any way
Based on previous Wong-related scandals that have been extensively covered by local publications in the last five years, it is clear that the funds it distributed on December 16, which according to some reports were worth around $ 300,000, not $ 12 million, were not generated from its investments in Bitcoin and its activity in the cryptocurrency sector.
As Leonhard Weese said:
"Hong Kong media has covered its scams much more in depth in the past, because suddenly the memory of goldfish?"
Shutterstock foreground image.
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