Young Coin Master Angers Hong Kong Investors; Accused of HK$3 Million Fraud

In mid-December, we covered the story of cash falling from the sky in Hong Kong. A video of the incident posted online shows a hooded man throwing cash from a rooftop, with onlookers scrambling to grab the cash. Police were called to the scene and told the public not to pick up the cash. Officers collected HK$5,000. Although the man conducting the stunt was not identified, many people believed it to be cryptocurrency businessman Wong Ching-Kit, also known as “Coin Young Master.”

He fell under suspicion for the stunt after he asked people whether they believed “money will fall from the sky” in a video he posted on Facebook. Wong Ching-Kit denies any involvement in the stunt; however, he was arrested on suspicion of disorderly conduct. Police released him without charges. A month on, he is under the spotlight again.

Wong Ching-Kit has received attention again, this time for his ‘mining machines’ that investors have lost HK$3 million by investing in. The investors claim they have been tricked into investing in the mining machines, losing HK$3 million.

The Democratic Party have stated that they have received more than 20 complaints about the venture. Four investors have also demanded a full refund from Wong Ching-Kit. One Investor called Ms Chiu, who invested more than HK$120,000 said:

“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 Ching-Kit believes he has been unfairly targeted, stating:

“I sell mining machines only but am treated as if I have killed people. When they make money, there is no thank you. When they lose money, they call it a scam.

“Can you define cheating? They say I cheated them. If they made money, would they still say they were cheated? You either make money or lose money in doing business.”

A full investigation will need to be conducted to address the investors claims; cryptocurrency can often be a volatile field and losing money is a real risk. It is fair to say that Wong Ching-Kit’s eccentric nature is rubbing some people the wrong way. They feel frustrated at losing money and his comments and stunts seem to align with protecting or uplifting his image rather than the integrity of his business.