Two Hong Kong Women Lose $1.24M to Crypto Scams

Two women in Hong Kong lost a combined HK$9.7 million (US$1.24 million) to separate crypto scams over the past few weeks, prompting a public warning from police after more than 80 fraud cases were reported in a single week, with total losses exceeding HK$80 million (US$10.2 million).

In the larger case, a woman was contacted on Telegram by an individual posing as an investment specialist. The person promised high returns through “quantitative trading” and “AI algorithms” and directed her to a fake investment website. The victim moved Tether (USDT) and Ethereum from her wallet into an account controlled by the scammer in 17 transactions, totaling about HK$7.7 million (roughly US$1 million). She became suspicious when repeated attempts to withdraw supposed earnings were blocked and the operator offered a string of excuses.

The second case involved a woman in her 50s who was approached on Instagram. The scammer engaged with her posts and exchanged affectionate messages over an extended period before proposing a crypto investment with guaranteed profits. The victim paid an initial handling fee of HK$40,000 (about US$5,000) to open an account on the fake platform, then visited a physical shop on seven occasions to convert cash into USDT and transfer funds to the scammer’s wallet. She sent more than HK$2 million (over US$256,000) before contact ceased.

Hong Kong police warned the public to be cautious of unsolicited offers from people claiming to be investment professionals and of online romantic relationships that eventually involve requests for money. Officers also highlighted cases in which physical locations are used to convert cash into crypto to move funds to scammers’ wallets.

Law enforcement and security researchers have recorded a rise in attacks that combine social engineering with technical deception. In a recent incident, a musician lost 5.92 BTC after entering a seed phrase into a fake hardware-wallet application; investigators traced the funds to an exchange and several wallets. Authorities continue to monitor such schemes and advise caution when dealing with online investment pitches or requests for cryptocurrency transfers.