Cryptocurrency and ICO news 17.07.2018

Former gangster raised $750 mllion in ICO

ICO backed by a former Macau gangster raised $750 million in less than 5 minutes.

According to CCN, World Hung Mun Investment — led by former 14K Triad gangster “Broken Tooth” Wan Kuok-koi — sold 450 million “HB” tokens at three release parties held in Cambodia, Thailand, and the Philippines. The firm intends to hold a final event in Malaysia on Wednesday and release a 50 million more tokens to the public. These 500 million tokens will comprise half of the total HB supply.

According to offering documents, the firm plans to use this capital to sponsor chess and poker tournaments online, as well as throughout China’s Hainan province.

The ICO operators have also been connected to controversial data analytics firm Cambridge Analytica, who is at the center of a recent Facebook data-sharing scandal and had itself mulled a $30 million ICO.

Other questions have been raised about the ICO, including the fact that the token is not yet open source and appears to only be listed on a little-known exchange.

Macau regulators expressed concern over the ICO prior to its token sale phase, warning residents of “fraud and criminal activities associated with cryptocurrencies.”

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