Hong Kong police have revealed the arrest of 19 suspects as perpetrators of a $ 1.4 million cryptocurrency fraud that concerned round 170 victims worldwide.

Hong Kong police arrest 19 suspects of $ 1.4 million worth of crypto fraud

The rip-off has fallen sufferer to many individuals from all over the world, together with Taiwan, mainland China, the UK and at last Hong Kong. Case employees disclosed {that a} sufferer misplaced as much as HK $ 760,000, the most important private loss in a single case.

Police burdened that in reference to the case on August 18-19 final 12 months, they confiscated 9 computer systems, 128 smartphones, HKD 1.4 million in money, HKD 50,000 in cryptocurrency and a sports activities automobile.

Social Media Marketing To Cheat People

Eleven males and eight girls between the ages of 18 and 31 had been arrested on suspicion of fraud. The defendants included the chief of the group, in addition to technicians, managers and promoters.

The suspects will lease industrial items round city to open enterprise. The police have additionally revealed that the alleged perpetrator additionally hires youthful individuals as social media influencers. These influencers then lure victims into the rip-off by selling cash and different issues like yachts and sports activities automobiles on social media.

The victims had been instructed to switch an funding quantity to the scammers’ crypto wallets and financial institution accounts. In addition, victims had been instructed to put in unregulated and unofficial cryptocurrency apps with a purpose to switch the invested quantity to a faux app or web site designed by the scammers.

However, the sufferer’s accounts on the faux web site and app present the return on funding after being managed by the scammers. However, the fraud was found when the sufferer tried a number of instances to liquidate. If they did not withdraw their investments, they realized that they had been betrayed.

The 19 suspects arrested are presently in police custody for additional questioning, and officers stated the likelihood of different suspects being arrested within the case can’t be dominated out.

Cryptocurrency scams are on the rise. Last month, Hong Kong police arrested 4 individuals who allegedly laundered $ 150 million in a (*19*) checking account for 15 months.

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