Hong Kong police received more than 40 investment fraud reports over the past week, with total losses exceeding HK$50 million, according to Huilang Communications as cited by ChainCatcher. One case involved a man in his 70s who was approached on WhatsApp by someone claiming to be a Singapore-based "crypto investment expert." He was told to set up a wallet, buy USDT and ETH, and then transfer the assets to a designated address through a fake investment app supplied by the scammer. The app initially showed profits, prompting him to invest more. He only realized he had been defrauded after his withdrawal request was rejected. The reported loss in that case exceeded HK$13 million. The figures cover investment scam complaints handled by Hong Kong police during the past week.
Hong Kong police logged more than 40 investment scam reports over the past week, and total losses topped HK$50 million, Huilang Communications said.
In one case, a man in his 70s got a WhatsApp message from a stranger claiming to be a Singapore-based "crypto investment expert." He then followed the person’s instructions to set up a wallet and buy USDT and ETH.
Later, the victim downloaded a fake investment app sent by the scammer and transferred the assets to a designated address. At first, the app showed profits. So he put in more money. He realized it was a fraud only after a withdrawal request was rejected, and losses in the case exceeded HK$13 million.
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