Four Hong Kong investors 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 scammed them.
According to a report on the South China Morning Post (SCMP), 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 scam.
Wong had reportedly sold a bitcoin mining scam to the investors, advising them to buy mining equipment to mine digital currency “filecoin” in exchange for insane profits after three months. Investors claimed that they were told about the possibility of refunds if the coin failed to launch in time, but they are now reporting that Wong and the currency never made good on any of the refund policies. According to the Democratic Party, over 20 people have sent similar complaints since last October, while others have filed police reports.