An elderly resident of Hong Kong lost over 13 million Hong Kong dollars (approximately $1.67 million) after contacting a scammer who posed as a cryptocurrency expert and reached out to him via WhatsApp. The incident occurred in September 2025: the victim received an unsolicited message from someone claiming to be an investor from Singapore and was directed to a fake trading platform promising lucrative exchanges and low fees.
According to the police, the man purchased USDT and ETH, then transferred them to the wallets specified by the scammer through a fake investment app. The app displayed consistent asset growth, encouraging the victim to increase his investments. The scam was uncovered only when withdrawal requests were denied.
This episode fits into a broader picture: over the past few years, the Hong Kong police have received more than 40 reports of investment scams, with total losses exceeding 50 million Hong Kong dollars. Law enforcement officials report that the overall damage from such schemes has significantly increased, raising concerns among authorities.
The police have urged residents to be cautious about unsolicited investment proposals and promises of high returns. Authorities recommend not downloading investment apps from unverified sources and checking platforms through official channels before transferring funds. It is noted that scammers continue to use fake platforms with fictitious earnings to gain the trust of victims. Earlier this year, another pensioner from Hong Kong fell victim to a similar scheme, losing 6.6 million Hong Kong dollars in three different cryptocurrency projects.
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