- Massive ETH scam targeting Hong Kongโs elderly.
- No suspects or arrests made so far.
- Police classify case as property deception.
A 75-year-old man in Hong Kong lost HK$26.2 million in an ETH investment scam. The police classified the case as โobtaining property by deception,โ currently managed by Wan Chai District Criminal Investigation Team 9. No arrests have occurred yet.
Hong Kong police are investigating a massive cryptocurrency fraud after a 75-year-old local man lost HK$26.2 million through an Ethereum investment scam. The Wan Chai District Criminal Investigation Team is handling the case.
The incident significantly impacts market trust and highlights vulnerabilities in digital currency investments, urging further scrutiny. No visible ETH market impact reported.
The Hong Kong Police have classified the scheme involving 19 transactions as obtaining property by deception. The victim was persuaded by an individual claiming to be a crypto expert promising high returns.
The case has been classified as obtaining property by deception and is being handled by the Wan Chai District Criminal Investigation Team 9. No arrests have been made yet. โ Hong Kong Police Spokesperson, Hong Kong Police Force
The victim transferred funds over 19 transactions totaling HK$26.2 million to six accounts. Currently, there are no arrests, and police have disclosed limited details about the scammerโs identity.
The case reflects broader concerns over cryptocurrency fraud impacting vulnerable individuals. Prior similar cases also involved major financial losses, but arrests were made in those instances.
No new regulatory actions have been announced following this scam. Concerns grow about investment safety and potential influence on investor behavior.
Experts stress vigilance in cryptocurrency investments, especially with evolving tactics by scammers. Past scams show a trend of targeting retirement savings and offer cautionary tales for investors.
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Hong Kong Man Loses HK$26.2M in Crypto Scam
A 75-year-old man in Hong Kong loses HK$26.2 million in an Ethereum investment scam, highlighting concerns over digital currency investment fraud.
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