Wan Kuok Koi, the former leader of the notorious 14K Triad, is reportedly cashing in on the cryptocurrency craze.

Macau gaming company Dragon Corp. announced early this week that it plans to sell digital tokens via an initial coin offering (ICO) to raise $500 million and bring blockchain to the gambling enclave. The ICO, scheduled for October 27, will have junket operators offer credit on behalf of the casino operators, and the money raised will help fund the construction of 1,600-square-meter floating Dragon Pearl Casino Hotel.

ICOs have already caught the eye of regulators in China who are concerned with possible cases of fraudulent fundraising and speculative investment, but Dragon Corp’s digital token sale is expected to face even closer scrutiny after reports surfaced that the Macau gaming company’s ICO has the backing of 61-year-old Wan, also known as Broken Tooth. Wan was released from prison in December 2012 after serving a 14-year sentence for illegal gambling, loansharking and criminal association.

On Tuesday, the South China Morning Post published photographs that showed Wan at a signing ceremony between Dragon Corp. and Thailand-based Wi Holding. A source familiar with junket financing told SCMP’s Niall Fraser that while an ICO “is probably more secure” compared to the “traditional handshake or one-page agreement,” it is doubtful that the token sale will escape the authorities’ wrath since junket operators “are essentially trying to use an IT patch to legitimize an underground activity.”