• In Hong Kong, 19 people have been arrested in connection with an alleged $1,400,000 cryptocurrency scam

  • Hong Kong police have arrested 19 people for allegedly participating in a $1.4 million bogus cryptocurrency investment scheme.

    The scammers allegedly told their victims they could make a fortune by investing in cryptocurrency and enticed them with images of luxurious lifestyles.

    Scammers targeted 170 people from various countries, including China and the United Kingdom.

    During the two-day police operation, officers arrested 11 men and 8 women and seized 9 computers, 128 smartphones, a racing car, $6,417 in cryptocurrency, and $179,695 in cash.

    According to Superintendent Tam Wai-shun of the Police Technology Crime Division, the fraudsters used a fake app and fake web pages to deceive their victims.

    According to Tam Wai-shun, scammers are increasingly using digital currencies.

    In the first six months of 2021, Hong Kong recorded 496 crimes involving crypto assets. The fraudulent activities resulted in a loss of HK$214.4 million (approximately $27.5 million). A crypto scam cost one victim HK $124 million, or $15.9 million.

    Cryptocurrency crimes in the first six months of 2021 have already surpassed the total number recorded in 2020. According to the outlet, 208 crimes involving crypto assets resulted in losses of HK $114.4 million, or approximately $14.6 million, last year.

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