A woman lost HK$93,000 in a crypto scam in Hong Kong, prompting a police investigation.
Police Investigate Hong Kong Crypto Exchange Scam
A Hong Kong woman reported losing approximately HK$93,000 ($12,000) in a crypto scam, sparking a police investigation. The woman, who wished to exchange digital assets for cash, fell victim to a fraudulent deal involving a supposed cash handoff at an exchange store in Mong Kok.
The Scam Setup and Promise of Cash
The victim, 26, connected with a man online who claimed to facilitate a cash exchange for her tether (USDT) holdings. They arranged to meet at a Mong Kok shop, where she transferred 12,000 USDT — worth nearly HK$93,660 — to a wallet specified by the man. He directed her to wait at the store, saying an associate would arrive shortly with her cash.
Hours of Waiting Turn Into Concern
After waiting more than two hours without anyone showing up, the woman grew concerned and contacted the police. The incident is now classified as “obtaining property by deception,” with Mong Kok district crime division handling the investigation. Authorities are looking for a suspect described as a heavyset man, around 30 years old and 1.8 meters tall.
Fraud Prevention in the Cryptocurrency World
The victim stated that she had been monitoring the store’s social media account since August, seeking to verify its legitimacy before moving forward. In her words:
“Because there are too many scammers out there, I decided to wait and see. I came down today to try the transaction, but as it turns out, it was just a scam.”
Misrepresentation on Social Media
Following the incident, the woman reached out to the company associated with the social media profile she had been following. She was informed that the actual company had no connection to the store where she attempted her transaction, confirming her fears that she had been deceived.
A Rising Threat to Crypto Enthusiasts
Cryptocurrency fraud continues to be a prevalent threat as scammers use increasingly sophisticated tactics to lure investors. This case highlights the risks in unverified transactions, especially as authorities report a rise in cases of deception involving digital assets. Hong Kong police urge people to exercise caution, verify business legitimacy, and avoid transactions with strangers or unconfirmed entities.
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