PANews, March 21: According to the Hong Kong Wen Hui Bao, Hong Kong Police’s Cybercrime Bureau’s “Cyber Guardian” disclosed a cryptocurrency fraud case in which a 66-year-old retiree was deceived three times by scams posing as “cryptocurrency investment experts,” starting in September 2025. After initially losing HK$1.4 million, the victim paid another HK$600,000 as a “deposit” to a different “expert” in an attempt to recover the loss, and was subsequently tricked into purchasing HK$4.6 million worth of cryptocurrency and transferring it to a designated account. The scammers disappeared after receiving the funds, resulting in total losses of HK$6.6 million within six months. The victim eventually reported the case to the police. Authorities warn the public not to believe claims of “guaranteed returns” or so-called “recovery of lost funds” services to avoid falling victim to chain fraud.
Hong Kong Police Reveal $850,000 Crypto Scam Targeting Retired Individual
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Summary
Hong Kong police revealed an $850,000 crypto scam targeting a 66-year-old retiree between September 2025 and March 2026. The victim lost 6.6 million HKD after being deceived by a “virtual currency expert.” Initial losses of 1.4 million HKD were followed by a 600,000 HKD “guarantee fee” and a final 4.6 million HKD in altcoins to “watch.” Authorities urge the public to monitor the Fear & Greed Index and avoid “guaranteed-win” investment schemes. Scammers often use loss recovery tactics to trap victims in a cycle of fraud.
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