Hong Kong police have disclosed a cryptocurrency investment scam targeting older residents. An 80-something retired man clicked a fake link in a pop-up ad in June, downloaded a counterfeit app posing as a crypto platform called "Trust Wallet," and was later contacted by scammers pretending to be customer service. They lured him with promises of "high returns" and "making big money." According to police, he withdrew cash from banks, exchanged it for cryptocurrency at a crypto exchange shop, and over the following month and a half transferred ETH worth more than HK$5 million to wallets controlled by the scammers. He only realized he had been cheated after he could no longer withdraw funds from the fake app and the fake customer service cut off contact. Police urged families to pay attention to older relatives' internet habits and financial situations and to share anti-scam information proactively.
Hong Kong police warn of a crypto scam targeting older adults
BlockBeats reported on Aug. 19 that Hong Kong police have recently disclosed a cryptocurrency investment scam aimed at elderly people. A retired man in his 80s clicked a fake link in a pop-up ad in June and downloaded a counterfeit app posing as a cryptocurrency platform called "Trust Wallet."
Scammers then pretended to be platform customer service and used promises of "high returns" and "making big money" to persuade him to keep investing.
More than HK$5 million in ETH transferred over a month and a half
Following their instructions, the victim withdrew cash from banks and exchanged it for cryptocurrency at a crypto exchange shop. Over the next month and a half, he transferred ETH worth more than HK$5 million in multiple transactions to wallets designated by the scammers.
He later found out he had been deceived after he could no longer withdraw funds from the fake app and the so-called customer service went silent.
Police urge families to monitor seniors' online and financial activity
Hong Kong police said family members should pay attention to older relatives' internet habits and financial状况, and proactively share anti-scam information. They also warned against investment fraud carried out through fake apps and promises of high returns.
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