A 66-year-old resident of Hong Kong became a victim of a series of fraudulent schemes related to cryptocurrencies, losing approximately 6.6 million Hong Kong dollars, equivalent to $840,000.
This is reported by Finway
How the Scammers Operated
The perpetrators repeatedly contacted the victim via the WhatsApp messenger, posing as “experts in virtual currency investments.” They promised stable profits and later offered assistance in recovering already lost funds.
The first incident occurred in September 2025: the retiree was convinced to transfer about $180,000 and send cryptocurrency to a wallet controlled by the scammers. After that, communication was cut off, and the man reported the incident to the police.
Subsequently, the victim, trying to recover his money, found another “specialist” online who promised to help but demanded a deposit of $75,000. After receiving the funds, this con artist also disappeared.
In January 2026, a third scammer promised to return the entire previously invested amount. He convinced the man to buy additional cryptocurrency for $585,000 and transfer it to a specified address. After that, communication was again interrupted.
Police Warnings and Rising Risks
In total, over six months, the retiree fell into fraudulent traps three times, losing a total of $840,000. The police noted that this case demonstrates the ability of scammers to repeatedly target the same victim using different deception scenarios.
“In life, there are no second chances, but in fraud, there can be three,” said CyberDefender.
Law enforcement emphasizes that offers of “guaranteed profits” and “insider information” are typical signs of fraud in the cryptocurrency sector.
The incident occurred against the backdrop of a rise in crimes related to digital assets. According to Hacken, Web3 platforms suffered losses of approximately $3.95 billion in 2025 alone.
The Hong Kong authorities are also recording an increase in phishing attacks and various investment schemes targeting cryptocurrency users. These trends are particularly dangerous for private investors, who can become easy targets for organized scammers.
Experts recommend being cautious, not trusting promises of quick profits, and always verifying information about investment offers.