PANews reported on May 16 that according to Sing Tao Daily, the Hong Kong police recently arrested three local men aged between 31 and 34 in a suspected cryptocurrency fraud case. The incident occurred on April 12, when a 35-year-old man tried to resell Tether (USDT) worth about 1 million Hong Kong dollars in a store in Tsim Sha Tsui, but was defrauded. It is reported that the arrested person showed the victim 3,000 ghost banknotes with a face value of 500 yuan, tricking him into transferring USDT to a designated cryptocurrency wallet, and then refused to pay cash with various excuses and fled the scene. The police found ghost banknotes, safes and money counting machines in the store, and continued to conduct in-depth investigations into the case. The police reminded citizens to choose reputable trading platforms when trading cryptocurrencies and carefully check the banknotes to prevent being deceived.