Hong Kong police arrested three people for defrauding HK$3.11 million in cryptocurrency using counterfeit banknotes

Hong Kong police have arrested three suspects for allegedly defrauding a businessman of HK$3.11 million ($399,000) in cryptocurrency using three bundles of counterfeit HK$1,000 notes, Wu reported.

Last week, police raided the Mong Kok office where the fake transactions took place and seized 10,978 counterfeit HK$1,000 notes. As of Monday afternoon, the three were still being questioned.