TechFlow News: On March 21, according to a report by the Hong Kong Wen Wei Po, the Cybercrime Division of the Hong Kong Police Force’s “Cyber Guardians” unit disclosed a cryptocurrency fraud case in which a 66-year-old retired individual fell victim to a scam involving self-proclaimed “cryptocurrency investment experts” on three separate occasions starting in September 2025.
After initially losing HK$1.4 million, the victim paid another HK$600,000 as a “guarantee fee” to a different “expert” in an attempt to recover their losses. Subsequently, they were induced to purchase HK$4.6 million worth of cryptocurrency and transfer it to a designated account. In all instances, the scammers disappeared after receiving payment. Over six months, the victim incurred total losses amounting to HK$6.6 million and ultimately reported the case to the police. Authorities warn the public not to trust so-called “guaranteed-profit” investment schemes or fraudulent “loss-recovery” services to avoid falling victim to multi-stage scams.
