Pro 17

Crypto Millionaire Literally ‘Airdrops’ $100 Bills From Rooftop in Hong Kong

A Bitcoin millionaire and cryptocurrency loud mouth was arrested in Hong Kong over the weekend for causing mass hysteria after an airdrop of several HK $100 bills from an apartment rooftop.


Hong Kong Style ‘Air Drop’

On Saturday (December 15, 2018), Wong Ching-kit; a cryptocurrency promoter caused a stir when he tossed several HK$100 from an apartment rooftop in Hong Kong. According to local media, a viral video of the incident has the man dubbed as “Mr Coin” saying:

Today, December 15, is FCC’s big day in announcing the trading race. I hope everyone here will pay attention to this important event. I don’t know whether any of you will believe money can fall from the sky.

Wong isn’t a stranger to such over-the-top cryptocurrency promotional gimmicks. Via his online moniker “Coin Young Master” and Facebook page – Epoch Cryptocurrency, he regularly promotes an assortment of virtual currency “investment” schemes.

12月15號係FCC既大日子因為意味着fcc交易比賽公佈頭獎得主有機會贏取2000萬港幣現金一至50名都會有獎獎品總值超過4000萬簡單可能玩$100蚊都有機會贏取頭獎今次係fcc係全港第一條公鏈亦係我哋香港人可以賺盡中國市場錢的唯一機會想賺首期買樓 過更好既生活一定要買fcc 因為簡直係中國人送錢比香港人洗賺到錢對的感謝返我哋偉大嘅祖國今日既主題係劫富濟貧我自細就有一個夢想 希望做一個正義使者 超級英雄 可能好多人會因為年紀逐漸長大被工作不停磨滅 所以失去左這個心我亦非常能夠體會 因為我都曾經辛苦過 只係幣圈世界太過夢幻 短短幾年時間就可以令到我重拾童真唔知大家有冇想像過會有一日錢可以從天而降我幣少爺 今日企係度話俾你地知 只要你有夢想 就所有事情都係有機會發生錢就係從天而降。

Posted by 幣少爺-新世代礦業 on Friday, December 14, 2018

The cryptocurrency attention-seeker appears to be among those who made a fortune during the bull-run that occurred in late 2017. Wong also fancies himself as a bit of a “Robin Hood” type figure. He even alludes to the claim during the money drop stunt saying that he was “robbing the rich to help the poor.”

After the rooftop display, Wong proceeded to a local restaurant in Sham Shui Po to hand out meal coupons. Unfortunately, the police were waiting at the scene to arrest him.

Ponzi Schemes and Disturbing the Peace

In a press conference on Sunday, Kevin Chong Kiu-wai, the police chief inspector, provided reasons for the arrest. According to the police chief, Wong was arrested for disorderly conduct in a public place.

Commenting further on the matter, Chong said:

Any person who had found or picked up property or banknotes that not belong to themselves, they should turn it to the police. Otherwise, they may have committed offenses of theft.

With this pronouncement, the police are saying anyone who picked up cash from the scene and failed to report it ran the risk of arrest. Good luck with that Hong Kong police. Although reports indicate that Wong threw out close to HK$100,000, police say they only recovered HK$6,000.

Wong may not be the rogue knight he claims to be, as pointed out by Leonhard Weese, president of the Hong Kong Bitcoin Association. According to Weese, Wong has a history of promoting Ponzi schemes within and outside the cryptocurrency sphere.

Do you think gimmicks like these help or hurt the credibility of the emerging cryptocurrency narrative? Please share your thoughts with us in the comments below.


Image courtesy of Facebook (Epoch Cryptocurrency), Shutterstock

Share
Srp 12

Man Visits KuCoin’s Hong Kong Office To Find That It Does Not Exist

A Hong Kong man skeptical of the cryptocurrency exchange KuCoin, paid a visit to its registered address in Hong Kong, only to find that it doesn’t actually exist.


Communication Breakdown

In a recent post on Medium, Jackson Wong from Hong Kong wrote about his experience visiting the KuCoin offices in Hong Kong — or rather not visiting, as he found barely a trace of the company in its registered HK location.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed. This came after finding out that KuCoin’s registered operating address was in mainland China.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed.

This was important at the time because of an announcement by the People’s Bank Of China (PBOC) stating that it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites, which would include affecting the KuCoin exchange.

Wong warned users of the KuCoin exchange to “Get out right now before it is frozen and KuCoinShares (KCS) drops to $0.”

Increasing Suspicions

Fast forward to Wong’s most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong explains his long-time suspicions of the KuCoin exchange stemming from never seeing any coverage of the exchange or company in the media, despite claiming a Hong Kong operating address. He also voiced concerns that KuCoin had no registered license to trade cryptocurrency in Hong Kong and that none of the KuCoin team had Hong Kong names or listed a Hong Kong residential address.

Wong’s suspicions finally got the better of him and he decided to go and see if he could find the KuCoin office that was listed in Hong Kong.

Fast forward to Wong's most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong documents his journey to the listed building address with photographs. After arriving he takes a photo of a board listing all of the building’s operating businesses. The board had no mention of KuCoin. When Wong went up to the 20th floor he did see a sign reading “Smart Team International Business Ltd.,” which was similar to a secretarial company KuCoin previously registered called “Smart Team Secretarial Ltd.”

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

After arriving he takes a photograph of a board listing all of the building's operating businesses. It had no mention of KuCoin.

Wong ends with a warning to anyone who has funds in KuCoin stating:

Since KuCoin is completely in stealth, and you couldn’t find them in their registered ‘office’, nor is there even a single person in their ‘office’, if KuCoin decides to exit scam on us — either by withholding our withdrawals or simply by shutting down their entire exchange and run with our money —we will have absolutely no recourse.

What do you think about the KuCoin exchange? Are Jackson Wong’s concerns exaggerated? Let us know your thoughts in the comments below!


Images courtesy of Bitcoinist Archives, Medium.

Share
Úno 25

Hong Kong to “Explore the Application of Blockchain Technology in the Financial Services Industry”

Source: bitcoin

hong kong, blockchain

Blockchain technology has a reaffirmed ally in the Hong Kong government. In the recent 2016 Hong Kong budget speech, Financial Secretary John Tsang spoke on many subjects close to the hearts of the Asian monetary center, including blockchain technology and the recent Mong Kong protest.  While the budget plan makes no explicit mention of Bitcoin, the vast majority of extant “blockchain technology” companies that are domiciled in Hong Kong work with the Bitcoin blockchain. The government plans to set up educational platforms for fintech, as well as a Cyberport Macro Fund with $200 million. Over the next five years, the Hong Kong government will steer investments into 150 fintech startups – and blockchain companies are expressly included. According to the 63rd paragraph of the 2016 HK budget plan:

Government will encourage the industry and relevant organisations to explore the application of “Blockchain” technology in the financial services industry, with a view to developing its potential to reduce suspicious transactions and bring down transaction costs.

Also read: Is China Turning to Bitcoin as the Yuan Devalues?

Hong Kong Leads Chinese Bitcoin Interest

It’s poignant to think of HK’s latest commitment to supporting blockchain technology experimentation as the forefront of good favor from the Chinese government. The outer edges of the Chinese Community Party’s control have more or less been allowed to innovate over the last few decades. Companies in Special Economic Zones (SEZ) benefit from Western customers and Western cultural practices such as capitalism. Companies that succeeded in this mission were applauded for championing “socialism with Chinese characteristics,” while the failures were swept under the rug. Hong Kong is even better positioned currently and historically than these SEZs. Since Hong Kong was returned to the People’s Republic of China, HK has remained a separate-but-interconnected financial hub with looser regulations. Tsang explained the One Country, Two Systems principle as it applies between HK and China:

“We have not only a free and open market, but also efficient and transparent regulatory regimes well aligned with international standards.”

Hong Kong is the historical financial center that sits between the East and the West. Many Bitcoin and blockchain companies have already seen the “favourable” signs and headquartered in Hong Kong – expect more to make the move. The world is finally waking up to the fact that Bitcoin reduces suspicious transactions and transaction fees.

Featured image from Barbara Willi.

The post Hong Kong to “Explore the Application of Blockchain Technology in the Financial Services Industry” appeared first on Bitcoinist.net.

Hong Kong to “Explore the Application of Blockchain Technology in the Financial Services Industry”

Share