TechFlow reports that Hong Kong police have uncovered a scam involving virtual asset investments. Scammers impersonated investment experts and lured members of the public into investing through a virtual asset trading platform named HOUNAX, promising high returns. However, victims were ultimately unable to withdraw their invested funds. So far, police have received reports from 131 victims, with the total amount involved exceeding HK$110 million, and individual losses ranging from HK$12,000 to HK$4 million.
Police Senior Superintendent Raymond Chan said the suspect company began operating earlier this year. The HOUNAX website uses traditional Chinese characters, and when users access the webpage, the +852 country code is set by default—indicating an initial assessment that the scam specifically targeted Hong Kong residents.
Although the Securities and Futures Commission (SFC) listed HOUNAX as an unlicensed entity and suspicious website on the first of this month, categorizing it as a suspicious virtual asset trading platform and noting its false claim of partnership with a financial institution,
the website remains operational and accessible, and the public can still download its mobile application. Most victims filed reports this month, and the case is currently under further investigation by the Commercial Crime Bureau.
