Hong Kong Police Unmask $46 Million Crypto Scam Operation
Release: 2024/10/16 20:59 Reading: 483
Hong Kong Authorities Shut Down Major Cryptocurrency Investment Scam
Hong Kong authorities have recently shut down a major cryptocurrency investment scam that defrauded victims of approximately HK$360 million ($46.35 million). The operation was conducted at a factory in the Hong Hom area of the city.
During the police operation last week, 27 individuals between the ages of 21 and 34 were apprehended. They have been charged with conspiracy to commit fraud and possession of a firearm. Several of the detainees were digital media graduates from local universities, while others are believed to be affiliated with three local professional organizations.
According to the Internet Crime and Complaints Institute, global losses from cryptocurrency fraud surged to $3.96 billion by 2023, representing a 53% increase compared to $2.57 billion in 2022. In Hong Kong, fraud and deception accounted for 43.9% of all crimes in the first quarter of this year.
Yiu Wing-Qin, Superintendent of New Territories South Crime HQ, remarked, "It is uncommon to encounter a cross-border fraud syndicate that is this large, well-organized, meticulously structured, and operating physically in Hong Kong." Similar scams have been reported in Southeast Asia, India, Dubai, Sri Lanka, and other locations, but this pattern of escalation was unique to Hong Kong.
In this successful operation, police seized various materials, including training manuals that instructed perpetrators on how to execute the fraud. The operation bore similarities to the notorious "pig butcher" scam, in which the syndicate would establish connections with victims through social media and lead them to invest in fabricated cryptocurrency platforms.
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