Authorities in Hong Kong have reported a major crypto fraud case involving a 66-year-old retiree who lost HK$6.6 million (about $840,000) after falling victim to three related scams over six months. Police said the victim was first contacted in September 2025 through the messaging app WhatsApp by a self-described “virtual currency investment expert” promising consistent profits.
Trusting the claims, the retiree transferred approximately $180,000 and deposited cryptocurrency into a wallet controlled by the fraudster. The scammer later disappeared, leaving the victim to report the incident to authorities.
Recovery Scam Leads to Further Financial Losses
After the initial loss, the retiree sought assistance from another supposed expert who claimed to recover the missing funds. This individual demanded about $75,000 as a security deposit, which the victim paid before the second scammer also vanished.
In January, a third scammer contacted the victim again via WhatsApp, promising to recover earlier losses. The victim was persuaded to purchase roughly $585,000 worth of crypto and transfer it to a designated address. After the transaction was completed, the third fraudster also disappeared, bringing total losses to approximately $840,000.
Crypto Investment Fraud Continues to Rise Globally
Police noted that the incident reflects a broader increase in cryptocurrency-related fraud cases worldwide. Security data indicates that Web3 related losses reached about $3.95 billion in 2025, driven by phishing schemes, fraudulent investment offers, and weak security practices.
Authorities warn that promises of guaranteed profits, unsolicited contact from investment advisers, and demands for upfront recovery fees remain common warning signs associated with cryptocurrency scams.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.