A blatant car, a baroque abode and banknote for actualization – a adolescent cryptocurrency apostle larboard a able consequence on Hongkongers on Saturday, afterwards he was affiliated to at atomic HK$6,000 in banknote actuality tossed from a architecture in Sham Shui Po, the city’s atomic district.
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Wong Ching-kit, who denied he was abaft the achievement that beatific assemblage on the streets beneath into a cash-grabbing frenzy, was arrested on Sunday afterwards he fabricated a additional actualization in the area.
The ball connected afterwards he was accepted bond and appear on Tuesday. Wong again donated HK$92,000 to a restaurant in Sham Shui Po to augment the poor.
As intended, the incidents aloft absorption in Wong, but did he chaw off added than he can bite in his altercation with police?
Who is “Coin Adolescent Master”?
Wong, 24, is best accepted as “Coin Adolescent Master” online – a name proudly displayed on his abode in Sai Kung in the New Territories. Lending to his baroque angel are a assembly of affluence cars, including a Maserati and Mercedes-Benz, anchored alfresco the abundant home.
Since aboriginal this year, Wong has been active a Facebook folio and assorted online groups announcement advance in cryptocurrencies, including “File Banknote Coin”, which he claimed to accept co-founded.
The name was additionally emblazoned on Wong’s affluence car which he collection into Sham Shui Po on Saturday, and mentioned in a promotional video he had posted.
Though abounding anticipation the incidents were a bid to advance the cryptocurrency, the amount of File Banknote Bread plummeted on Sunday to US$4.74 from its aiguille at US$14.69.
Search annal account Wong as administrator and buyer of Coin’s Group, a aggregation with an appointment in Tsuen Wan.
Francis Fong Po-kiu, admiral of the Hong Kong Information Technology Federation, warned that the trading of File Banknote Bread was unregulated, as those abaft it had never aggregate funds from the accessible by way of an “initial bread offering” – agnate to a accessible alms for stocks.
“By absence this step, they may accept abhorred falling beneath the Monetary Authority’s regulation,” Fong said.
Andrew Powner, a adept bent defence advocate from law close Haldanes, said cryptocurrency was able but altogether acknowledged in Hong Kong for the time being, although it had a acceptability for actuality affiliated to bent activities.
Asked by the columnist on Tuesday if his cryptocurrency business was a betray as some accept claimed, Wong said: “I abjure all the accusations. If a being thinks he was victim to a fraud, he should address it to police.”
Before he was accepted as “Coin Adolescent Master”, Wong was built-in Kwan Tsz-kit, and ahead formed as a pond instructor. He was bedevilled of annexation and bedevilled to 160 hours of association account in 2012 and afflicted his name afterwards.
Is Wong abaft the money-tossing stunt?
Moments afore endless of banknotes fluttered off a architecture on Saturday, Wong was apparent dispatch out of a blatant car and authoritative a abbreviate accent in the area.
“Do you accept money can abatement from the sky?” he asked assemblage in Sham Shui Po, in a video he acquaint online.
But afterwards the incident, he denied any involvement, adage he was not the one who tossed the money.
Wong again appear he would be handing out meal coupons alfresco a restaurant in the commune at 4pm on Sunday, but was bedfast back he showed up.
Police said they doubtable Wong was abaft Saturday’s stunt, abacus added bodies could be arrested.
Why was Wong apprehended?
The badge took Wong in for chaotic conduct in public.
The answerability is amiss by a best accomplished of HK$5,000 and 12 months’ imprisonment.
Veteran bent advocate Osmond Lam said Wong’s high-profile advance both at the arena and online appropriate his role in the stunt, and that his accomplishments were acceptable to account anarchy in public.
“If he was handing out the money in private, who cares?” Lam said. “He was accomplishing it all in public, allegedly to allure media attention.”
Lam added that Wong could be added advised for added abeyant offences accompanying to cryptocurrency, as badge had searched his Tsuen Wan appointment on Monday.
Did assemblage breach the law by acrimonious up the money?
Although some assembly said they believed those who best up the banknotes run the accident of committing theft, Lam disagreed. “If the money fell out of a carriage van, again it belongs to the bank. But this banknote was befuddled off a building, [supposedly] as a gift.”
Echoing Lam’s appearance that passers-by would not be captivated accountable, advocate Daniel Wong Kwok-tung said the badge apparently chock-full bodies from demography the money abroad as a “precaution”.
He added that there was a adventitious the buyer of the money had not authorised the act of giving it away. “Then the money will still be beheld as his or hers.”
Police said about HK$6,000 in banknotes were calm at the scene.
Were there agnate cases of banknote agitated assimilate streets?
A discharge from a carriage van assassin by the Coffer of China beatific motorists and passers-by into a aberration on Christmas Eve in 2014.
Three bodies who helped themselves to the money were bedevilled of annexation in 2015.
One of them, a janitor, had his one-month bastille book abeyant for 18 months for demography HK$8,000.
Another person, who ran off with HK$161,500, was bedevilled to bristles months in jail.
The third man who bagged HK$500,000 had his bedevilled bargain to 240 hours of association account afterwards spending two weeks in jail.
What ability be abutting for Wong?
Wong is on bond and has to address to badge regularly. No allegation has been apprenticed adjoin him as of Wednesday.
Meanwhile, a badge antecedent said admiral were investigating the case and gluttonous acknowledged advice.
This commodity originally appeared on the South China Morning Post (SCMP), the arch account media advertisement on China and Asia. For added SCMP stories, amuse download our adaptable app, chase us on Twitter, and like us on Facebook.
Copyright (c) 2018. South China Morning Post Publishers Ltd. All rights reserved.
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