Hong Kong Housewife Loses $908K in Crypto Scam

A 46-year-old housewife in Hong Kong has reported losses of HKD 7.1 million ($908,000) after investing in a fraudulent crypto platform. The victim was contacted through Instagram in July 2022 and urged to invest in cryptocurrencies via a link to a fake trading platform. She transferred over $900,000 into 15 bank accounts for crypto investments from August 2022 to March 2023 but received no profits.

Crypto Scams on the Rise

The woman became suspicious when she could not withdraw her assets or contact the fraudsters. She reported the scam to the local police, and investigations are ongoing. The Hong Kong police revealed that there has been an uptick in crypto investment scams amid the rising adoption of digital assets in the territory. Last year, financial losses from crypto investment fraud spiked 42.6% to HKD 3.26 billion from HKD 926 million in 2022.