Two Hong Kong crypto influencers are now on the run after Interpol issued a Red Notice for their arrest. The influencers, known as “Coin Young Master” (Wong Ching Kit) and Mok Tsun Ting, are accused of theft, fraud, and money laundering.
A History of Fraud
These influencers have a history of shady dealings. Wong gained notoriety in 2018 for throwing money from a rooftop, which led to an arrest for disorderly conduct. But his real trouble started in 2019 when he was accused of promoting a fake crypto mining machine, allegedly defrauding investors out of millions of dollars. Mok was also arrested for his role in this scheme.
JPEX Collapse: The Big One
The influencers’ involvement with the now-collapsed JPEX exchange is what landed them on Interpol’s radar. Wong promoted JPEX, a crypto trading platform that claimed to be licensed and regulated. However, Hong Kong’s Securities and Futures Commission (SFC) quickly exposed JPEX as a scam, warning investors about its false claims.
The SFC also revealed that many investors were unable to withdraw their crypto from JPEX or found their balances mysteriously altered. Wong deleted his promotional videos, but Mok was arrested in September for his connection to the fraudulent exchange.
A Massive Scam
The JPEX collapse is considered the biggest fraud case in Hong Kong’s history, with over 2,000 victims losing an estimated $200 million. So far, 73 people have been arrested for their involvement in the scam.
With Interpol’s Red Notice, the hunt is on for Wong and Mok. It remains to be seen if they will be brought to justice for their alleged crimes.
