Hong Kong police received more than 40 investment scam reports over the past week, with total losses exceeding HK$50 million, according to Hong Kong Economic Times News Agency coverage cited by BlockBeats. One of the cases involved a person in their 70s who was approached on WhatsApp by someone claiming to be a Singapore-based "crypto investment expert." The victim was instructed to set up a wallet and buy Tether (USDT) and Ether (ETH). After that, the person downloaded a fake investment app provided by the scammer and transferred the assets to a designated address. The fraudulent app initially showed profits, which led the victim to increase the investment. The scam was only discovered after a withdrawal attempt was rejected. In that case alone, losses topped HK$13 million.
Hong Kong police logged more than 40 investment scam complaints in the past week, and the money lost topped HK$50 million, according to Hong Kong Economic Times News Agency reporting that BlockBeats cited on Sept. 14.
In one incident, a person in their 70s got a WhatsApp message from a stranger. The sender said they were a Singapore-based "crypto investment expert." After that, the victim followed directions to set up a wallet and buy Tether (USDT) and Ether (ETH).
Later, the victim downloaded a fake investment app provided by the other party and sent the assets to a designated address. At first, the app showed profits. Then it pushed the victim to put in more money. The scam came to light only when a withdrawal request was rejected, and losses in that case exceeded HK$13 million.
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