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

Hong Kong police have arrested 19 suspects in reference to cryptocurrency fraud, together with 11 males and eight ladies between the ages of 18 and 31, The Standard news Friday (August nineteenth).

These persons are believed to be the culprits behind the HK $ 11 million (US $ 1.4 million) crypto rip-off that concerned round 170 victims together with Hong Kong, Taiwan, mainland China and the UK.

Police stated the fraudsters rented business premises in Hong Kong to conduct their operations. They additionally rent younger folks to encourage the rip-off by displaying them money, yachts, and supercars on social media to draw different victims.

Fraudsters instructed victims to switch money to their financial institution accounts and crypto to their wallets by visiting phishing web sites or downloading pretend crypto apps. They state that the cash might be used for investments.

Tam Wai-shun, Director of the Technology Crime Division, commented:

“The scammers used a fake app and website to fool people.”

Victims’ accounts on phishing apps or web sites comprise false data that the sufferer is making a revenue.

The second they be taught that they’ve been betrayed, the victims can not withdraw their cash. However, the scammers ran away with all of the property. One of the victims misplaced as much as HK $ 760,000, the most important loss in a single case.

During the two-day raid, police seized 9 computer systems, 128 smartphones, HK $ 1.4 million in money, roughly HK $ 50,000 in cryptocurrency, and a sports activities automobile concerned within the case.

Tam Wai-shun stated that with 496 circumstances in Hong Kong, crypto fraud had grow to be extra frequent within the first half of this yr – greater than the 2020 complete.

Teacher

According to News.Bitcoin

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