A gangster based out of Macau in China, Wan Kuok-koi “Broken Tooth,” raised $750 Million in an Initial Coin Offering (ICO) has partnered with an undisclosed Beijing-based firm to back chess and poker tournaments.
The token called is called “HB,” and the ICO was launched in Cambodia with high-ranking military and government officials, celebrities, entrepreneurs from Hong Kong and mainland China in attendance. Out of 500 million tokens that have been set aside for the public ICO, the gangster has managed to sell almost 450 million according to a report.
Broken Tooth and a Cryptocurrency Deal
In July 2018, Zhonggongxin Cosmos, a Beijing based Internet Technology company stated they had signed an agreement with Wan’s investment company. Oddly enough, there is no company with the same name on Google. Although China’s Internet censor laws are unlike any other country in the world (barring probably North Korea), it is still quite suspicious that a company with a unique name was not found on Google.
The rewards given out after the ICO would be equal to more than 10 million yuan (approximately $1,495,000) and would be both- cash as well as the HB tokens, said Guo Jia, a staff member at Zhonggongxin Cosmos.
As stated on South China Morning Post, The Internet company is said to be a subsidiary of the parent company – Zhonggongxin Assets Management Limited. The parent company is purportedly supposed to report to an advisory committee which falls under the purview of State-owned Assets Supervision and Administration Commission of the State Council, but that cannot be independently verified.
When the portal pressed for more details, Jia said, “You can check the website and other materials online. “I’m not at liberty to disclose anything else.”
HB Token – A Fake?
Acc. to the sources, the partner website claims to own some game halls and have government permits to host two kinds of poker games. However, the Chinese government does not look too kindly at gambling and cryptocurrencies.
Nevertheless, the integrity of the HB token seems confusing. A few people claim a lack of the source code in the digital token that makes it difficult to keep a tab on.
Recently, the state police had raided a gambling den which was placing bets on the World Cup, with cryptocurrencies.
After the raid, the police in Guangdong Province located in south China had said the amount involved was 260 million yuan. According to the local police, the accused had been involved in more than 20 gangs.
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