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.

One of the investors was quoted by the SCMP saying:

“At first, I was told I could get a refund if filecoin could not be launched in time, but when we asked for a refund, he used delaying tactics and made different excuses to turn us down.”

The Money-Tossing Stunt

Wong is the primary suspect in a stunt which involved the tossing of at least HK$6,000 from the top of a high rise in the Hong Kong neighborhood of Sham Shui Po back in December 2018.

He denied any involvement in the stunt, but he was reported to have stepped out of a car in the neighborhood just moments before the stunt occurred and asked people if they believed that “money could fall from the sky.” He was arrested on a charge of disorderly conduct, but he was subsequently released on bail.

Wong Denies any Wrongdoing

The famously flamboyant Wong came out earlier this week to deny the claims of these investors, saying that he was being unfairly targeted and wasn’t behind the losses of anyone.

Wong claimed that he only sold the machines and that investors should know that there is just as much a possibility of losing money as there is of gaining. Since there has been nothing to justify any wrongdoing, the police claimed that they’d launched an investigation into his business practices.

He had gone on to defend his actions, stating:

“When they make money, they won’t share their profits with me. But when they lose money, they ask me for money back. When they make money, there is no thank you. When they lose money, they call it a scam.”

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