Scammer steals HK$5.2M via fake USDT trading site

A scammer who joined a Hong Kong second-hand furniture social media group persuaded a woman to use a fake USDT trading website and obtained HK$5.2 million (US$670,000) after more than 60 cash and cryptocurrency transfers. The victim only discovered the fraud when the site blocked withdrawal requests.

Hong Kong police reported on their CyberDefender platform that the attacker entered the online community, established contact with the woman and directed her to a counterfeit trading site. The fraudster guided the victim through dozens of transactions and moved funds into accounts under their control.

Authorities described the method as a drip-feed approach, in which many smaller transfers are used to avoid immediate detection. Police noted that scammers are active in groups that have no direct link to finance, including marketplaces and hobby communities.

Police data for a recent week showed nearly 100 similar reports. Total losses from more than 80 cases during that period exceeded HK$80 million, about US$10.2 million.

In two other cases reported by authorities, a Telegram contact persuaded a woman to invest through a fake platform promising returns from “quantitative trading” and “AI algorithms”; she made 17 transfers in USDT and Ether before withdrawals were blocked and lost about HK$7.7 million. In another incident, a woman over 50 lost about HK$2 million after a romance scam that began on Instagram, in which the scammer built an emotional connection over several months before promoting a bogus investment scheme.

Police advised caution with unsolicited investment tips, especially from unexpected contacts or when returns appear guaranteed. They recommended verifying a platform’s credibility before sending money and using the CyberDefender website or mobile app’s Scameter tool to assess suspicious URLs.