The ‘Make it Rain’ Entrepreneur from Hong Kong is Arrested For Filecoin Crypto Mining Fraud

Wong Ching-kit, a 25-year-old businessman from Hong Kong was recently arrested after being accused of a crypto mining-related fraud scheme. According to the local media outlet China Morning Post, the man got famous before the arrest for throwing money to the people in the street from a high commercial building in the city.

Ching-kit was known as a “bitcoin millionaire”, but his status was highly discussed and some people affirmed that he was only a scammer some time ago.

The man was arrested by the Commercial Crime Bureau officers as they believe that the defrauded several investors by selling them a set of crypto mining rigs which did not work as advertised. However, the details of what exactly was the fraud were not leaked to the press, so we cannot inform more.

He was also accused, in a different case, it seems, of selling mining hardware to investors in order for them to mine Filecoin. The problem, however, is that Filecoin never existed, so he sold useless equipment for the investors, which were promised a high return on investment in only three months.

According to the investors who were harmed by the man, they simply could not trade their Filecoin “tokens” anywhere, which led them to the police. A total of 20 complaints were received in relation to this case since October 2018, when the first complaint was made. The reports affirm that the investors managed to lose around $383,000 USD in the scam.

Because of the money they lost, they went to law enforcement in order to look for ways to get their funds back, which has not happened ever since. However, the police started to dig deeper into the activities of the man after they received so many complaints including some claims of money laundering activities related to him.

Ching-kit answered to the accusations affirming that he was being treated by the police as if he “killed people” instead of only selling mining machines.

Making It Rain

The man was a part of a well-known publicity stunt which happened in Sham Shui Po, a poor district of Hong Kong last December. He appeared in a video at the time asking whether people believed that money could fall from the sky or not. Then he threw around $765 USD worth of the local fiat currency by the rooftop.

After this happened, he was quickly arrested for “disorderly conduct in public” but was soon released on bail. This time, though, the accusations are considerably more severe.

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