Wan Kuok-koi, also known as Broken Tooth, teamed up with a Chinese firm so as to fund poker and chess tournaments. The former gangster continued to sell his HB token in Thailand and the Philippines.

Wan has sold over 450 million tokens of the 500 million planned and offered to the public. The ICO is going to end before the next month in Malaysia. At the same time, some headlines showed that it was able to raise $750 million dollars in less than five minutes, a completely success.

His investment firm was able to sign a partnership with the Zhonggongxin Cosmos Internet Technology Limited with the intention to put on a chess and poker contest during the month of October in Hainan.

Guo Jia, staff member at Zhonggongxin Cosmos, explained that the rewards would be equivalent to more than 10 million yuan (over $1.5 million dollars). At the same time, the rewards could be given in cash and HB tokens.

But some individuals are already showing skepticism on the matter and the operation in general. Apparently, the parent company of Zhonggongxin Cosmos may be state-owned, but there is no official information about it.

The website explains that they have some game halls and government approval so as to host different types of poker games. One of the main complains is related to the fact that running a chess and poker game company and pay with virtual currencies could be outside the Chinese legal system.

Indeed, some time ago, Chinese authorities shut down an online gambling ring that operated using virtual currencies. Another important concern is related with the HB token. Some individuals are saying that the digital currency has a lack of a source code.

Of course, people is also worried about Wan’s criminal past and question his plans to run this company. He has been released back in December 2012, after being 14 years in a prison in Coloane.

Some of the charges include imports of military weapons and bullets so as to help with their criminal activities. Some individuals were also surprises about how the gangster was able to have a 100-table feast prepared at one of the most important hotels in town to celebrate his release.

At the moment, Mr. Wang cannot enter Hong Kong and may start taking part of the casino scene again. An important law enforcement source said that the news was ‘astonishing’ after knowing Wan’s criminal history.