Interpol has issued a red notice for Hong Kong resident Wong Cheung-kit, also known as "Coin Young Master," and his associate Mok Tsun-ting, who are implicated in various crimes linked to cryptocurrency scams.
Wong is wanted for fraud and theft, while Mok faces charges of money laundering.
The international alert follows allegations that Wong and Mok orchestrated a fraudulent scheme involving the sale of cryptocurrency mining machines, duping victims into purchasing devices that promised high returns but ultimately led to significant financial losses.
Wong's involvement with the troubled cryptocurrency exchange JPEX, which has been accused of operating without proper licensing and raising withdrawal fees to exorbitant levels, has further compounded his legal woes.
Wong Cheung-kit's rise to infamy began in 2018 when he gained attention for theatrically throwing cash from a rooftop in Sham Shui Po, Hong Kong, an act that reflects his flamboyant personality and penchant for dramatic gestures.
Wong throwing cash from a rooftop
Prior to his notoriety in the crypto world, Wong worked as a swimming instructor and had a brush with the law in 2012, resulting in a conviction for theft and a sentence of 160 hours of community service.
Rebranding himself as a cryptocurrency expert, Wong leveraged social media to promote his ventures, including the now-discredited JPEX platform.
His bold claims and extravagant lifestyle captivated many, but his promises of quick riches ultimately led to widespread disillusionment and legal action.
The saga of JPEX, a cryptocurrency exchange that once held high hopes, took a sharp downturn when Hong Kong's Securities and Futures Commission (SFC) flagged the platform for operating without the necessary licenses.
In an attempt to deter withdrawals, JPEX raised its fees to as much as 999 USDT, sparking outrage among its users.
The platform's reputation took a further hit during the Token2049 event in Singapore, where JPEX, a platinum sponsor, saw its booth abandoned by staff amidst the mounting controversy.
Hong Kong police have received over 1,400 complaints related to JPEX, with allegations of losses totaling $128 million.
This scandal has led to several arrests and an ongoing investigation into the fraudulent activities linked to the platform.
Wong's history of dubious dealings includes a high-profile incident in 2019, where he allegedly defrauded investors by selling high-powered computers marketed as cryptocurrency mining machines capable of generating substantial profits within months.
Mok during a seminar on mining machines in 2019
Victims soon reported that these promises were false, and Wong was subsequently arrested for conspiracy to defraud.
This episode saw Wong allegedly swindling over HK$3 million from unsuspecting buyers.
The victims who purchased mining machines ranged in age from 20 to 49, with a total amount involved of nearly HKD 3 million.
The fraudulent scheme involved organising investment seminars and utilising social media to propagate misleading information about the profitability of the mining equipment.
In addition to defrauding individuals, Wong's assets, totaling HK$5 million, were frozen as part of the investigation.
The JPEX scandal proved to be the final nail in the coffin for Wong's cryptocurrency empire.
As one of the platform's most prominent promoters, Wong had aggressively marketed JPEX to his Youtube followers, encouraging them to invest heavily in the platform, only to later delete these promotional videos following regulatory warnings.
Screenshot of one of his videos
When JPEX collapsed, many of these investors lost significant sums of money.
Investigations revealed that Wong and his associate, Mok, were deeply involved in the JPEX scam.
The duo allegedly used their influence to persuade investors to deposit funds into the platform, promising exorbitant returns.
However, these funds were subsequently misappropriated, leaving investors with nothing to show for their investments.
With the net closing in around them, Wong and Mok decided to flee Hong Kong.
They are now believed to be hiding out in a foreign country, far removed from the reach of Hong Kong law enforcement. However, with Interpol's red notice in place, their days of freedom may be numbered.
The downfall of Wong Cheung-kit serves as a stark reminder of the risks associated with investing in unregulated cryptocurrency markets.
Investors must exercise extreme caution when considering any cryptocurrency investment opportunity and should always conduct thorough due diligence before parting with their hard-earned money.
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