Last Sunday, a video of a self-assumed ‘crypto millionaire’ sprayed more than $12 million worth of HK dollars in the air at one of Hong Kong’s poorest neighborhood of Sham Shui Po, which caused a crowd of bystanders into a frenzy.

According to CCN, the 24-year-old man, named Wong Ching Kit, was arrested immediately after he throws banknotes from the rooftop of a building into the crowd. A barrister indicated that Wong had breached the public order ordinance by causing disorder in a public place.

Many people took to Twitter to express their positive reactions as they believed that Wong’s action could be seen as a sign of an upcoming bull run.

However, unfortunately, Wong Ching Kit, the man pretending to be Robin Hood, is not a successful crypto investor, he built wealth by operating Ponzi schemes.

It was reported that Wong, widely known online as ‘Coin Young Master’ has been “allegedly operating a large pyramid scheme guaranteeing a large pyramid scheme, guaranteeing a return of more than four-fold of initial return”.

He has also been suspected to be involved in the so-called “London gold trading scams” that encouraged female brokers to intentionally approach individuals to invest a chunk of capital in gold and ran away in 2017.

This time, Huang is doing this for his air coin FileCash coin (FCC). He made an announcement while throwing the money:

“Today, December 15, is FCC’s big day in announcing the trade race. I hope everyone is will pay attention to this important event… I don’t know whether any of you will believe money can fall from the sky.”

Some sources also indicated that Wong has been a promoter of several false or phony coins in the past, including Filecoin.

The young man has also used various monikers to promote investment products, including a computer that cost HK$27,500 (US$3,500) he claimed could be used for cryptocurrency mining according to South China Morning Post.

Leonhard Weese, the president of the Bitcoin Association of Hong Kong commented in an interview with CCN that:

“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.”