Sat, July 27, 2024 at 13:13

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding two crypto influencers from Hong Kong who are now on Interpol's Wanted List.

  • 
• Annie

  • Oh, really?😲 What did they do to end up on that list?

  
• 

  Kang-hoon

  • 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.

• Annie

  • Wow, that's serious.

  • What exactly did they do?

  
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• 

  Kang-hoon

  • 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.

• Annie

  • I remember hearing about JPEX.

  • What happened with that exchange?

  
• 

  Kang-hoon

  • 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.

  • 
• Annie

  • That's a massive fraud!

  • How were Wong and Mok involved?

  
• 

  Kang-hoon

  • 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.

• Annie

  • What about their earlier activities?

  • You mentioned a crypto mining machine?

  
• 

  Kang-hoon

  • 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.

• Annie

  • It's shocking how long they've been at this.

  • Were there any other notable incidents?

  
• 

  Kang-hoon

  • 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.

• Annie

  • They seem to have a history of reckless behavior.

  • What does this mean for the crypto market in Hong Kong?

  
• 

  Kang-hoon

  • 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.

• Annie

  • So, would you say this news is bad for the market overall?

  
• 

  Kang-hoon

  • 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.