On Sunday, December 16th, mainstream media reported, that a 24-year-old bitcoin millionaire Wong Ching Kit airdropped more than $12 million worth of cash in one of Hong Kong’s poorer neighborhoods.
President of the Bitcoin Association of Hong Kong Leonhard Weese confirmed that Wong Ching Kit s not a Bitcoin millionaire and he built wealth by operating a well-known ponzi scheme in the region. The financial fraudster was arrested almost immediately after causing a frenzy in a busy Hong Kong city.
“He’s not a Bitcoin Millionaire. He is running a pyramid-like scheme well known in the community. Disappointed this is getting so much uncritical attention,” Leonhard Weese said.
Wong has been operating a large pyramid scheme guaranteeing a return of more than four-fold of initial return. He was also arrested and proven guilty of stealing mobile phones in 2012, when he was working as a swimming instructor at Kowloon Park in Hong Kong.
Based on previous scandals involving Wong that have been extensively covered by local publications throughout the past five years, it is evident that the funds he distributed on December 16 were not generated by his investments in Bitcoin nor his business in the cryptocurrency sector.