Sat, July 27, 2024 at 13:13
Hello, Annie.
Today, I have some significant news regarding two crypto influencers from Hong Kong who are now on Interpol's Wanted List.
Oh, really?😲 What did they do to end up on that list?
The two men, Wong Ching Kit, known as Coin Young Master, and his accomplice Mok Tsun Ting, are charged with theft, fraud, and money laundering.
The Hong Kong police requested a Red Notice from Interpol, which was issued this Wednesday.
Wow, that's serious.
What exactly did they do?
Wong is charged with one count of fraud and two counts of theft, while Mok faces two money laundering charges.
Their criminal activities date back several years, including promoting a fraudulent crypto mining machine and their involvement with the collapsed crypto exchange JPEX.
I remember hearing about JPEX.
What happened with that exchange?
JPEX was a crypto trading platform in Hong Kong.
Nearly a year ago, the Securities and Futures Commission (SFC) warned that JPEX's claims of being a licensed platform were false.
The exchange eventually collapsed, resulting in approximately $200 million in losses for over 2,000 victims.
That's a massive fraud!
How were Wong and Mok involved?
Wong was one of the influencers who promoted JPEX.
He and Mok made numerous false claims to advertise the exchange.
When the SFC issued warnings, Wong deleted his promotional videos, but the damage was already done.
What about their earlier activities?
You mentioned a crypto mining machine?
Yes, back in 2019, Wong promoted a crypto mining machine at seminars and on social media, making false claims.
Over a dozen people lost around $385,000 due to this scam.
Wong and Mok were both arrested for conspiracy to defraud.
It's shocking how long they've been at this.
Were there any other notable incidents?
Indeed.
In 2018, Wong gained notoriety by throwing HK$6,000 from a building rooftop, causing chaos in the streets.
He was arrested for disorderly conduct but was later released on bail.
They seem to have a history of reckless behavior.
What does this mean for the crypto market in Hong Kong?
This is definitely a negative development.
It undermines trust in the crypto market and highlights the need for stricter regulations and oversight.
Investors will likely be more cautious, which could slow down market growth.
So, would you say this news is bad for the market overall?
Yes, Annie.
This is certainly bad news.
The involvement of high-profile influencers in such significant fraud cases damages the credibility of the entire crypto ecosystem.
It will take time to rebuild trust and ensure better regulatory frameworks.
Upon comprehensive consideration, this news is perceived as a 😱Bearish.