According to Wu, Hong Kong police data shows that the number of crimes involving virtual assets has increased significantly from 2,336 in 2022 to more than 3,415 in 2023, involving a total amount of up to HK$4.3 billion, of which more than 90% are fraud cases. Fraudsters use various reasons to trick victims into transferring cryptocurrencies to virtual wallets. Another type is to simply deceive victims under the guise of investing in virtual assets.

The Technology Crime Police Advisory Group believes that the concepts related to blockchain and cryptocurrency have been labeled and stigmatized, and the symbiosis of the black and gray industrial chains has been misunderstood. In addition to raising the public's awareness of virtual assets and strengthening risk awareness, it is also imperative to continuously optimize the regulatory system of the virtual asset market so that ordinary citizens and enterprises can regain confidence in Web 3 related concepts.