Three suspects were arrested in Hong Kong after allegedly defrauding a man out of HK$1 million in a Tether (USDT) cryptocurrency scam.

The 46-year-old victim had arranged a Tether trade with the suspects, who claimed to have transferred the cryptocurrency but disappeared with the cash.

The police apprehended the suspects, and they are now under investigation for obtaining property by deception, a crime that carries a maximum sentence of 10 years in prison.