BlockBeats report: On February 28, according to the Hong Kong Economic Journal, the Hong Kong Police received 12,505 cases of online shopping fraud in 2025, an 8.2% increase from 2024. The single largest loss case of the year involved cryptocurrency transactions. After joining a Telegram group for cryptocurrency trading, the victim received a private message from a fake customer service representative requesting a "verification code" for group access. Subsequently, the scammer transferred all virtual assets from the victim’s linked Telegram wallet, resulting in total losses exceeding HK$3.7 million.
Hong Kong 2025's Largest Online Shopping Scam Involves Crypto, Losses Exceed 3.7M HKD
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Summary
In 2025, Hong Kong police recorded 12,505 cases of online shopping scams, an 8.2% increase from the previous year. The largest loss resulted from a cryptocurrency market scam, in which a victim lost over HKD 3.7 million after being lured into a Telegram group. The incident underscores the urgent need for improved crypto analysis and public awareness to prevent such fraud. Scammers deceived the victim into sharing a verification code, resulting in the substantial financial loss.
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