Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Cryptocurrency crime in Hong Kong hits record levels, with one victim losing HK$124mil to fraudsters

Cryptocurrency crime in Hong Kong hits record levels, with one victim losing HK$124mil to fraudsters

Police say trend is down to more people staying home and going online amid Covid-19 pandemic. Crimes involving the digital currency tend to fall into categories such as money laundering, online shopping scams, or investment ruses.

Cryptocurrency crimes and the scale of losses in Hong Kong soared to record levels in the first six months of this year, with one victim conned out of HK$124mil (RM67.37mil).

Police logged 496 such cases involving victims losing a total of HK$214.4mil (RM116.50mil) in the first half of 2021. Across the whole of last year, total losses from 208 cases stood at HK$114.4mil (RM62.16mil).

Investing in cryptocurrency, a form of digital money that can be exchanged online for goods or services, has grown in popularity in recent years. Mainstream versions include tether, ethereum and bitcoin.

In the biggest Hong Kong case so far, police said a 30-year-old man was scammed out of HK$124mil (RM67.37mil) in June after a group presenting as cryptocurrency consultants disappeared with his money following the currency’s devaluation.

There were also three local cases this year in which people were robbed or conned out of millions of Hong Kong dollars in face-to-face cryptocurrency transactions.

Chief Inspector Lester Ip Cheuk-yu, of police’s cybersecurity and technology crime bureau, said not only was investing in digital currency especially popular this year, but the Covid-19 pandemic was a factor behind rising crime levels in this area.


“People have also been staying at home more, which means they spend longer on the Internet, so scammers have more avenues to approach them online,” he said. “This is a trend not just in Hong Kong but around the world.”

According to police, cryptocurrency crimes tend to fall into one of three categories: using cryptocurrency for money laundering; online shopping fraud where buyers or sellers may be robbed during face-to-face transactions; or investment scams where sellers disappear after taking a victim’s money.

Another common tactic involves online dating scams, where con artists gain victims’ trust to invest on their behalf.

“Citizens should think twice about whether the person asking them to make an investment is trustworthy, or whether meetup places for large transactions are safe,” Ip said.

In the case of the 30-year-old merchant who lost HK$124mil (RM67.37mil), the victim was approached by two men and a woman in their 30s introducing themselves as investment consultants. They recommended investing in Filecoin on the basis it would deliver big returns, Superintendent Wilson Fan Chun-yi said.

The victim handed over money in two instalments in February and April. Filecoin’s share price dropped from US$168 (RM709.80) to US$73 (RM308), prompting the victim in June to try and withdraw the cash. But the merchant could not contact the group and sought help from police.

In a survey conducted by police in July, about half of 441 respondents aged 18 and above said they were familiar with cryptocurrency.

However, not a single person correctly answered all five multiple choice questions related to cryptocurrency on where it can be obtained or traded.

“Many residents don’t understand cryptocurrency, or overestimate their knowledge of it,” Ip said. “It’s very easy for them to be scammed and lose large amounts of money.”

Victims of the scams range from those aged 14 to 72, though young people are especially at risk.

“Younger people tend to fall victim to these scams because many of them purchase coins from cryptocurrency ATMs, whereas older people might not be technologically savvy enough to know how to use them,” Ip explained.

Ip urged the public to do some research, steer clear of borrowing money to invest and not to blindly follow trends.

Those suspecting they had fallen for a scam should call police immediately, the chief inspector added.

“People should be fully aware of the risks [before they invest],” Ip said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×