Investors Demand Refund over the Crypto Mining Scam

Four Hong Kong financial investors are out in public, requesting the refunds of the capital given to a businessman named Wong Ching-pack. The businessman sells Bitcoin mining machines. These four investors have come out claiming that the 24-year-old crypto promoter has cheated on them.

As per the report published on the South China Morning Post (SCMP), the victimized investors have suffered a loss of around $25,000 (HK$20,000) to about $1.2 million (HK$1 million)each. All together these four investors have lost about HK$3 million in the scam.

Wong had apparently sold a bitcoin mining scam to the investors, encouraging them to purchase mining machine to mine digital money “filecoin” in return for crazy benefits after three months of the investment.

Investors stated that they were told about the probable refunds if the coin is not launched in the decided time. However, now, these investors are claiming that the crypto mining machine seller Wong and the mined currency, both did not stand o the expectations; and these investors did not receive any money in a refund.

As per the Democratic Party, more than 20 individuals have raised similar complaints since October 2018, many others have filed an official police report.

One of the investors told media that at first, he was assured by the accused businessman that he would get a refund if anything goes wrong with the cryptocurrency named filecoin. However, when the investors requested a refund, Wong tried to delay the payment as much as he could. He kept on making excuses to pay us back.

Wong has denied any involvement in the alleged scam. However, he has done a few suspicious activities in the vicinity of the fraud. Police have arrested him on a charge of wrong conduct, but he was released on bail shortly after.

Wong, a flamboyant person at his core, turned out recently to deny the claims made by these financial investors. He said that he was by and large unreasonably targeted in this case and wasn’t behind the loss of anybody.

Wong assured that he just sold the crypto mining machines and that investors should realize that there is an equal amount of possibility of losing money as there is of earning profits.

Since there has been nothing to prove his involvement in the case and showing all the alleged wrongdoings done by him, the police have assured that they’d start an investigation concerning his business practices.

Wong, however, has stated that, when investors earn a profit, they do not give its credit to me. But, when they lose money, they come after me for a refund. When they earn, they do not even tank me; when they don’t, they call it a scam.