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Dragon Corp’s $500 million ICO has links to gang boss

It has been revealed that Macau company Dragon Corp., which recently announced a $500 million initial coin offering (ICO), has the backing of former gangland boss “Broken Tooth” Wan Kuok-koi, SCMP reports.

The ICO first came to light on Monday, with reports that Dragon Corp is looking to raise funds to develop a floating casino hotel in Macau.

“This is the first time anybody has allowed the public to invest in a public junket or become a shareholder of a casino," said Chakrit Ahmad, CEO of Wi Holding in an interview with CNBC. "You're basically becoming a shareholder in a junket, utilizing blockchain technology, getting revenues from that, and plugging that back into the token.”

Ahmad said the group also plans to develop a debit card that would hold the digital currency, so players can withdraw fiat currency from an ATM.

Earlier this month, China’s central bank placed a halt on all initial coin offerings (ICO), deeming them as illegal fundraising. Ahmad however said Dragon's ICO is not subject to the restrictions, as the tokens would be issued in Hong Kong.

Nevertheless, the move from Dragon Corp and Wi Holding is likely to attract scrutiny from regulators after links to the former 14k triad boss emerged.

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