Self Proclaimed “Bitcoin Playboy” Gets Prison Sentence For Throwing Money In Poor Neighbourhood

Wong Ching-kit a 25-year old crypto businessman is infamous for being too flashy with the money that he has made. However, a few days back he pushed his flamboyant ways too far when he rained money from the sky on one of the poorest neighborhoods in Hong Kong.

Videos from the scene show banknotes “falling from the sky” as cheering individuals scramble to clap the bills from the air and collect them off the ground. Police on the scene struggled to contain the action and ordered people not to pick up the money. After dispersing the crowds, the Hong Kong police force says it collected about HK $6000.

They later interviewed five witnesses, who estimated there were about 100 to 300 people at the scene, which they described as chaotic to a point that they worried about their safety. People passing by complained that the frenzied crowd had blocked traffic and pavements.

Better known as “Coin Young Master,” runs the Epoch Cryptocurrency Facebook page and describes himself as a “Bitcoin millionaire.” Wong’s name at birth was Kwan Tsz-kit. In 2012, he was convicted of theft, sentenced to 160 hours of community service, and thereafter changed his name.

He was sued by investors who say he duped them out of $3 million dollars. Members of the Hong Kong democratic advocated on behalf of the investors. One of the Democrats, Ramon Yuen Hoi-man, a district councilor in Sham Shui Po, also has called on the government to increase regulations on the crypto sector.

Since Wong has no clear record and has gotten in trouble in the past, Magistrate Leung Siu-ling sentenced him to 10 days’ imprisonment, suspended for two years. The maximum sentence is of 3 months and a fine of HK$500.

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