A cryptocurrency deal and a triad boss called Broken Tooth – what can possibly go wrong?
What legal recourse or compensation would investors have if things turn sour with an offering that is closely related to casino junket operators?
News of “Broken Tooth” Wan Kuok-koi’s involvement in a planned multimillion-dollar cryptocurrency share offer – known in digital business parlance as an initial coin offering (ICO) – has sparked fresh concerns over fintech regulations.
It would be the world’s biggest single ICO to date when compared with past transactions listed on research site Cointelegraph, Reuters reported.
Former Macau gangland boss enters into multimillion-dollar casino cryptocurrency deal
Coming just weeks after Beijing instituted a crackdown on cryptocurrencies due to concerns over fraudulent fundraising, speculative investment and capital flight, the planned ICO involving Macau Dragon Group and the Thailand-based Wi Holding Company Limited has revived worries investors could be left high and dry without any legal recourse or compensation should things turn sour.
Wan’s involvement was revealed last month when the South China Morning Post obtained and published photographs – verified as genuine by sources with knowledge of the ICO – showing the former gangster at a signing ceremony to seal the deal between the two companies.
Last week, Milos Andric, the chairman of Norwegian maritime design firm Brova Idea, told Reuters his company had been contracted to build the hotel.
Bitcoin boss shares start-up tales and hopes for Hong Kong
