A huge increase in the use of cryptocurrencies in fraudulent activities has been reported in Hong Kong. The number of crimes increased from 2,336 in 2022 to 3,415 in 2023. The total value of these crimes is HK$4.3 billion, of which 90% are fraud cases. 🚨 Hong Kong police stated that scammers generally commit two types of crypto scams. In the first, victims are tricked into sending money to anonymous crypto wallets. In the second, scammers use overseas platforms regulated by Hong Kong. This makes it difficult for police to track and stop illicit funds. However, Hong Kong authorities are taking steps to tighten regulations and increase enforcement to combat the rise of crypto-related scams.