TechFlow news, on July 19, according to Caixin, a mainland cryptocurrency investment scam has extended into Hong Kong, with at least 118 people falling victim and suffering total losses of approximately HK$3.2 million.
On July 16, Hong Kong police revealed that on July 15 they arrested four local residents on suspicion of "conspiracy to defraud" for organizing promotional dinner events in Hong Kong related to a mainland cryptocurrency scam, recruiting victims and receiving HK$3.89 million in fraudulently obtained funds. Aside from a small amount withdrawn, about HK$3.2 million remains unrecovered.
Chief Inspector Yuen Ho-ting from the New Territories North Regional Crime Unit's Second Team stated that since late June 2025, police have received multiple public reports regarding suspected cryptocurrency investment scams, with victims aged between 33 and 80. Investigations revealed that since early 2025, numerous victims attended investment promotion dinners at a restaurant in Tai Po under the name "DGCX Xinkangjia." Hong Kong police confirmed that DGCX Xinkangjia is a fake trading platform; victims' funds were not used for any legitimate investments. Some funds were used to maintain platform operations, while others are believed to have been used to fulfill withdrawal requests from other victims. Industry lawyers noted that because DGCX Xinkangjia uses the stablecoin USDT for settlements, this has created significant challenges for case investigation, fund recovery, and victim claims.
