Exclusive | Former Macau gangland boss enters into multimillion-dollar casino cryptocurrency deal

A multimillion-dollar cryptocurrency “share” offer by a Macau gaming company has the backing of one of Asia’s most notorious former gangland bosses – “Broken Tooth” Wan Kuok-koi.

The initial coin offering (ICO) planned for Hong Kong next month hopes to raise US$500 million to bring blockchain technology to the world’s most cash-rich gambling hub and is closely connected to casino junket operators in the former Portuguese enclave. It would be the biggest single ICO to date.

Notorious gangster ‘Broken Tooth’ freed from prison in Macau

But the move by Macau Dragon Group and the Thailand-based Wi Holding Company Limited is likely to face close scrutiny by regulators after links to former 14K triad society boss Wan, 61, emerged.

Photographs obtained by the South China Morning Post – and verified as genuine by sources with knowledge of the ICO – show Wan, who was released after 14 years in jail for an array of gangland crimes including money laundering in 2012, at a signing ceremony to cement the deal between the two companies.

The planned ICO comes at a sensitive time and follows a recent crackdown on cryptocurrencies by Beijing due to concerns over fraudulent fundraising, speculative investment and capital flight.

A source with experience of junket financing said: “This is probably a more secure IOU than the junkets’ traditional handshake or one-page agreement. However, that is precisely why it is impossible to believe this will be tolerated by the authorities – they are essentially trying to use an IT patch to legitimise an underground activity.”