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Hong Kong investors fear HK$30 million lost over online claw machine business

Hong Kong investors fear HK$30 million lost over online claw machine business

At least 100 people who invested HK$30 million (US$3.8 million) in a novel online claw machine business fear their money has gone down the drain after their expected monthly returns of HK$10,000 per unit turned out to be just HK$10.
Claw machines are arcade games where players manoeuvre pincers to grab toys and other prizes.
The group sought the Democratic Party’s help, saying they were victims of an “investment trap” initiated by a well-known internet celebrity and stock market commentator, Raymond Yuen.
Yuen, known as “For Liu Sum” on social media, has disappeared from public sight. His last Facebook post was from November last year.
“I trusted him because he is very well-known,” an investor who put in about HK$300,000 and declined to be named said on Monday. “We have been kept in the dark about the business.”
Yuen wrote on his Facebook page in 2017 about an online claw machine business so special it could “impact your whole life”. Instead of visiting an arcade, the claw machine can be played through a mobile app, which live-streams the action.
Users buy cryptocurrency on the app to play the game and control the pincers in an attempt to win prizes. Winners can have the toys delivered to their homes.