Fake customer service, counterfeit money, fake love: Reviewing recent Hong Kong crypto scams
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Fake customer service, counterfeit money, fake love: Reviewing recent Hong Kong crypto scams
A 70-year-old man was defrauded of HK$3.27 million in a twilight romance scam.
Navigating Web3 tides with focused insightsBy: 1912212.eth, Foresight News
Hong Kong, as Asia's financial hub and a cryptocurrency center, is facing significant challenges from crypto-related fraud cases. In the first half of 2025, although overall fraud losses decreased by 25% year-on-year to approximately HK$2.8 billion, cryptocurrency-related cases still accounted for a substantial proportion. According to police data, the number of fraud cases involving cryptocurrencies rose in the first five months of 2025, with most victims being middle-aged and young investors affected by cross-border scams originating from mainland China and vulnerabilities in local platforms. Crypto fraud takes many forms, including investment scams, money laundering rings, and social media inducements, with total losses exceeding hundreds of millions of U.S. dollars.
Based on recent reports, Foresight News reviews some typical cryptocurrency fraud cases in Hong Kong since 2024, aiming to expose their patterns and provide warnings.
70-Year-Old Man Loses HK$3.27 Million in Romance Scam
According to the Hong Kong Wen Wei Po, a 70-year-old retired man received a WhatsApp message in late April from someone claiming to be his "female neighbor," saying that water was leaking from his apartment. Later, she claimed she had dialed the wrong number and apologized, but the two continued chatting via WhatsApp, exchanging affectionate messages and developing a romantic online relationship—though the victim never met her in person.
In mid-May, the woman claimed she worked at the Singapore Exchange and had insider information on cryptocurrency investments, promising high returns. Using sweet talk such as "You know I've fallen for you," "Be good and cherish me," and "I can't help it—I met you," she lured the man into transferring funds for investment. Under persistent pressure, the victim withdrew cash from ATMs repeatedly between May 23 and July 16, making 37 transfers totaling HK$3.2727 million to 34 bank accounts provided by the woman. The scam was only uncovered when the man visited a bank branch to withdraw a large sum after hitting ATM withdrawal limits; bank staff noticed suspicious activity and alerted the Anti-Scam Coordination Centre. Ultimately, the victim lost over HK$3.27 million and incurred nearly HK$1 million in debt.
Police stated on the "CyberDefender 守网者" Facebook page that in the past two weeks, nearly 20 online romance investment fraud cases were reported, with 40% of victims aged over 60 and total losses exceeding HK$10 million. Police urged the public to remain vigilant against romance scams.
Clicking Fake Links on Telegram Leads to Over HK$4 Million in Losses
Hong Kong 01 reported that in July this year, a local woman with over 10 years of experience investing in digital assets fell victim to a double scam after failing to obtain a promotion from a virtual asset platform and turning to Telegram for "customer service" assistance, ultimately losing over HK$4 million in cryptocurrency. Police reminded the public to always contact customer support through official channels and never click unknown links or disclose personal account passwords and verification codes.
Police noted the female victim had more than 10 years of experience in crypto investments. After failing to receive a promotion on a virtual asset platform, she attempted to seek official customer support but did not get an immediate response. She then searched for "customer service" on Telegram and proactively contacted an account that appeared official. The scammer falsely claimed they could assist her and sent her an unknown link. Without suspicion, the victim clicked the link and entered her "personal information," "account number," and "transaction password" as instructed. When she logged back into her virtual asset account, she discovered part of her holdings had already been transferred out.
Later, the victim found another "customer service" account on Telegram, which claimed it could help recover her lost cryptocurrency. She fell for the scam again, entering her personal details on a fake website provided by the scammer, resulting in the remaining assets in her account being drained. She was scammed twice consecutively, losing over HK$4 million in total.
Fraud Ring Uses Counterfeit Cash to Gain Trust, Involved Amount Reaches HK$11 Million
In July 2024, according to SCMP, Hong Kong police arrested four people—including a 14-year-old youth—in connection with a criminal gang suspected of using counterfeit money in scams involving HK$11 million (US$1.4 million) worth of cryptocurrency. Two of the suspects were identified as masterminds who sourced counterfeit cash and premises to set up fake cryptocurrency trading stores and recruited victims online.
The suspects invited victims to their stores and showed them stacks of counterfeit cash to demonstrate their ability to settle transactions easily. After gaining trust, they persuaded victims to conduct transactions online. Once the cryptocurrency was transferred, the suspects immediately moved the assets out of their accounts and refused to pay. This method has become increasingly common in recent cases. From October last year until last Friday, 14 people have been arrested for defrauding 12 victims of HK$11 million using similar tactics.
Romance Scripts + Deepfake Video Calls Used in Scam Worth HK$34 Million
In January this year, according to Phoenix News, Hong Kong police dismantled a fraud syndicate using deepfake technology to lure individuals into investing in virtual currencies via social platforms, with the case involving around HK$34 million. The Commercial Crime Bureau of Hong Kong Police arrested 31 people aged between 20 and 34 in two industrial buildings in Kwun Tong, all linked to the same fraud group, and seized pre-written scripts used by the gang.
Police said the group recruited young people seeking to "make quick money," trained them to create fake identities on dating platforms, pretend to have attractive appearances and luxurious lifestyles, and connect with individuals overseas—including Taiwan and other East Asian regions—following scripted conversations. After learning about their targets' backgrounds, they would flatter them, develop romantic relationships, and even use deepfake technology for video calls, eventually persuading victims to invest in virtual currencies with promises of high returns, directing them to deposit funds into fake platforms. Once the cryptocurrency was received, the group immediately transferred the assets and cut off contact with the victims.
In October 2024, Hong Kong police dismantled another local fraud ring, arresting 27 people who, over about one year of operation, allegedly defrauded numerous local and overseas victims of a total amount reaching HK$360 million. The fraud group primarily used online romance tactics to trick victims into investing in cryptocurrencies.
Fraud methods are countless. Only by avoiding emotional entanglements, resisting small gains, refusing to trust strangers’ requests for fund transfers, and staying cautious when clicking links can one truly protect their finances—otherwise, regret will come too late.
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