Defrauded Hong Kong Investors Demand Refunds After Crypto Mining Scam

The defrauded investors from Hong Kong that we covered in our crypto news a few days ago, are now asking for refunds from the businessman Wong Ching-kit who lured the investors into a crypto mining scheme.

According to the reports from the South China Morning Post, the investors lost about $25,000 but the sum could potentially turn up to reach $1.2 million.

Wong persuaded the investors to put their money into a bitcoin mining scheme saying that after they buy the equipment to mine digital currency, the investors will make insane profits in a period of three months. The investors agreed after Wong told them they could get their money back after the launch of the coin didn’t make it in time. The Democratic Party announced that more than 20 people sent complaints similar to these ones since October.

One of the investors was quoted as 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.”

Wong is also the primary suspect in the stunt related to throwing away at least HK$6,000 form a building in the middle of Hong Kong back in December. He did deny the allegations but was actually seen moments before the stunt leaving a car and going to the building after asking people whether they believe that ‘’money could fall from the sky.’’

He also denied the claims of scamming the investors after saying that the investors should always have in mind that there is a slight possibility of losing money in this sector. There isn’t sufficient evidence to prove Wong is guilty but the police will start an investigation into his business practices.