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Hong Kong has seen a surge in cryptocurrency fraud cases this year, with losses totaling HK$3.1 billion (US$397 million) between January and October. This alarming figure was revealed by Hong Kong Legislative Council (LegCo) member Wu Jiezhuang, who spoke to local media outlet Wenweipo. According to Wu, there were over 2,100 cases related to cryptocurrency fraud reported during this period. The largest single case involved losses of HK$1.6 billion, highlighting the significant financial impact of these scams. The rise in cryptocurrency fraud in Hong Kong is a growing concern for authorities and investors alike. The decentralized nature of cryptocurrencies can make it difficult for victims to recover their stolen funds, making prevention and education crucial.