Hong Kong Police Crack Down on Cryptocurrency Fraud According to local media outlet hk01, Hong Kong Police have clamped down on a criminal syndicate involved in substantial cryptocurrency fraud through offline cryptocurrency exchanges. The investigation uncovered that the crime ring operated shops in Wan Chai and Tsim Sha Tsui, swindling a total of nine victims out of HK$120 million (US$15 million). Acting on a tip-off, the police launched an operation that led to the arrest of a 36-year-old male suspect. The investigation revealed that the syndicate lured victims into investing in cryptocurrency through fraudulent promises of high returns. The victims were then directed to the syndicate's offline exchanges to make the investments. However, once the victims transferred their funds, the syndicate would vanish, leaving them with significant financial losses. The police are continuing their investigation to apprehend other members of the syndicate and recover the stolen funds. This incident highlights the importance of investing in cryptocurrency only through reputable and regulated exchanges. Investors should be wary of offline exchanges and individuals making unrealistic promises of high returns.