Hong Kong Crypto Scam Robs 13 Investors Of HK$14.8 Million

Key points:

• Thirteen investors in Hong Kong lost a total of HK$14.8 million to one Hong Kong crypto scam through fraudulent cryptocurrency exchange shops.
• Scammers operating the Hong Kong crypto scam lured victims by promising better exchange rates and then trapped them after they had successful initial transactions.

Thirteen investors lost HK$14.8M in a Hong Kong crypto scam involving fake exchange shops in Kowloon West. Police arrested two suspects; others remain at large.

Kowloon West Crypto Scam: HK$14.8 Million Stolen

Thirteen investors in Hong Kong have reported falling victim to the cryptocurrency scam that stole HK$14.8 million in the first nine months of the year. Fraudsters set up fake shops of currency exchange offering favorable rates to lure victims into conducting several transactions before trapping them.

Police arrested two suspects but said they continue to search for more individuals involved in the scam. The most that was taken was HK$4 million from a businessman who was locked in the shop during his third transaction.

Read more: Hong Kong Ethereum ETF Staking Could Be Approved This Year

Police Arrest Two in Hong Kong Crypto Fraud Case

Two men were arrested by police on suspicion of involvement in a HK$14.8 million cryptocurrency scam that used fake shops in Kowloon West and promised exchange rates superior to those offered elsewhere to attract victims.

Victims included a 43-year-old businessman who was allegedly locked inside a shop and forced to give fraudsters HK$4 million in cash. The fraudsters escaped with the cash before police arrived. Investigations are continuing.