Hong Kong police carried out a major operation against a gang that defrauded cryptocurrency holders using fake banknotes. Four people, including a 14-year-old boy, were arrested during the operation and it was stated that a total of HK11 million (US$1.4 million) in damage was caused.

Commercial Crimes Bureau Chief Inspector Lo Yuen-shan announced that the number of people arrested in connection with such frauds since October 2023 has reached 14. The suspects had established an organized structure to deceive the victims using fake banknotes.

Such incidents once again highlight the importance of the ongoing fight against digital currencies-related scams in Hong Kong. We are waiting your comments.