A HongKong ‘crypto millionaire’, widely known online as ‘Coin Young Master’ has been allegedly operating a pump-and-dump scam named ‘MO coin’ guaranteeing a high return .

The air coin ‘MO’ dumped sharply within several minutes. ‘Coin Young Master’ was reportedly involved in another scam named FileCash coin (FCC) in 2018. He claims to be a Bitcoin millionaire in Hong Kong with thousands of Bitcoins in his hands and packages himself through various ways. He has successively launched FCC, ES, MO, three air coin scam defraud investors.

As Simple and crude the trick is, there are an efficient team behind the scam. Ponzi scheme criminals and media were involved in the scam.

Begin in May, the scam team built several Wechat groups to invite victims to join in. It created an idol-like atmosphere of worship to cheat victims. In fact, those were flattering are alt account.

Before going on exchange, the scam team played a trick of pretending that the contract address was attacked, while requiring the exchange issue a notice to delay time, and dumped the price from the initial 5 cents to 3 cents. Many people who were cut off before “MO” going on the exchange.

Aware of being cheated, the victims set a Wechat group to defend their rights, while ‘Coin Young Master’ clarified that he had no link with this project. Now he is investigated by police, it is said that he has run somewhere in Australia.

As a tactful scammer, ‘Coin Young Master’ also claims to be a Robin Hood-like figure, “robbing the rich to help the poor” in his own words. Wong has given media interviews under various different names, shilling initial coin offerings (ICOs) and miners, including a HKD 27,500 computer he claimed could be used for cryptocurrency mining. In 2018, He threw banknotes from the rooftop of a building into the crowd and caused a crowd of bystanders into a frenzy.

Though police reportedly suggested the general public to not choose up the money, the attract of no strings connected cash overcame the authorities’ cries, as members of the general public scrambled to acquire the seemingly limitless stream of fiat.