Hong Kong Crypto Mining Founder flees with $ 2.5 million

A new day, and there is another mining scam related to cryptocurrency. Residents of Macao, who cross the Pearl River delta from Hong Kong, reported to the ordering forces that the founder of a mining crypto fugiated and disappeared with 20 million HK $ Approximately $ 2 million.

This company is Forger Esports, a company based in Hong Kong that focuses on eSports and IT supplies. The company has also decided to expand into the cryptocurrency sector. Dennis Lau is the founder of the company that allegedly ran off with the money.

Last year, this company attended a seminar at the Office of the Association of Public Employees of Macao, where they talked about the advantages of mining encryption. Forger Esports told the seminar attendees that the company was planning to develop a global operation that would generate about $ 200,000 HK $ or $ 25,500 USD a month. Investors would, in turn, receive a fixed return on their investments

While everything went smoothly in the beginning, in July, promised returns were not paid to investors. In addition, attempts to contact Lau have been ignored and the CEO has disappeared since then, taking investment with him. Investors have filed a police complaint and it has been calculated that from all accounts, investors must total $ 50 million or more than USD 6 million based on initial investments and promised fixed returns.

The Monetary Authority of Macao (AMC) had previously issued a statement on Bitcoin and other cryptocurrencies. The statement said,

Any exchange of these goods involves considerable risks, including but not limited to those relating to money laundering and terrorist financing, against which all participants should remain vigilant. AMCM also reminded all Macao banking and payment institutions not to participate or provide, directly or indirectly, any financial services for related activities.

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