Ex-Macau Triad Boss Expands in Cambodia With Blockchain
Cryptovest
Published Jun 11, 2018 11:38AM ET
Ex-Macau Triad Boss Expands in Cambodia With Blockchain
Former 14K gang leader Wan Kuok-koi, also known as "Broken Tooth," is expanding into Cambodia by opening a new headquarters in the region for a venture capital initiative on blockchain.
Broken Tooth, who was convicted because of his connection with the Macau triad and released in 2012 after serving 14 years in prison for gangland crimes, is reported to be planning to “build a Chinese cultural town in Cambodia” using blockchain technology as he extends his interests beyond casinos.
Wan said the venture intends to spread Chinese culture to Chinese citizens beyond the mainland.
The South China Morning Post quoted a source as saying:
"I am astonished. For a start, as I understand it, to this day, Wan can't enter Hong Kong due to his past associations. Also, in the list of charges against him and which led to him being jailed, was a conspiracy to import – from Cambodia to Macau – military-grade weaponry, ammunition, and guns to carry out his then-underworld feuds.
“It seems all that has been forgotten and it’s business as usual – or unusual.”
Wan’s foray into overseas venture comes after unconfirmed reports claimed that a digital currency launched by a firm linked to his name is one of the biggest revenue earners so far in 2018, with an estimated $320 million in earnings.
In April, the Monetary Authority of Macau (MAM) issued a public warning about a possible “fraud and criminal activities” by the Macau Dragon Group. The firm linked to Wan was reported to have hired the services of Cambridge Analytica to promote its cryptocurrency, Dragon Coin. Cambridge Analytica is the British firm behind the data privacy scandal that shook Facebook (NASDAQ:FB) recently
MAM stated that:
“The media has reported that a Macau company was involved in an ICO [initial coin offering] recently. Monetary Authority of Macau reminds all Macau residents that cryptocurrencies are virtual products, but not legal currencies or financial tools. Residents should be aware of fraud and criminal activities associated with cryptocurrencies.”
Wan is also believed to be the chairman of a fraternal Chinese cultural group, The World Hongmen History and Culture Association (TWHHCA), which claims to have thousands of members across the globe. TWHHCA said it plans on building schools “to allow ethnic Chinese living in other countries to learn about Chinese culture.”
In addition, the group is set to unveil its own digital currency, as well as launching other ventures, including hotels, casinos, e-commerce, among others. To boost global trade, the association has also earmarked the establishment of the “Hongmen Security Company” to provide assistance to businesses that are interested in China’s “Belt and Road Initiative.”
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