Wang, a 29-year-old English teacher, ventured into the #crypto market during a hype period, leading to significant losses.

Her crypto journey began with rising token prices, particularly #Dogecoin , which lured her into a #Telegram group promoting high-yield investment projects. Initially, she profited but eventually faced substantial losses when the market turned.

The article also highlights the #JPEX scandal in Hong Kong, where an unlicensed exchange allegedly defrauded investors of HK$1.56 billion. This event exposes the lack of investor protection and education in the crypto industry.

Critics argue that despite Hong Kong's efforts to become a virtual asset hub, the market is still riddled with scams and Ponzi schemes, eroding investor confidence. Industry proponents believe in the potential of virtual assets in the emerging #Web3 ecosystem, driven by blockchain technology.

Calls for regulatory measures continue to mount, better law enforcement, and adaptation to technological innovations to safeguard investors. Public confidence in the crypto industry remains uncertain, with concerns about safety and shifts in investor sentiment - China Daily