Hong Kong Crypto Scam Costs Elderly Man $3.3 Million

A 75-year-old man in Hong Kong reportedly lost HK$26.2 million (~US$3.3 million) in an Ethereum investment scam, as revealed by local police on September 20, 2025.

This highlights ongoing security vulnerabilities in cryptocurrency investments, emphasizing the need for increased awareness and regulatory measures to protect potential victims, especially among the elderly demographic.

Elderly Hong Kong Resident Loses $3.3 Million in ETH Scam

A reported scam in Hong Kong involved a virtual currency investment ruse, leading a 75-year-old resident to deposit HK$26.2 million (~US$3.3 million) in ETH. The unidentified caller, posing as an investment expert, exploited trust in the cryptocurrency realm. The transaction spanned multiple accounts, with no arrests yet made.

The case emphasizes the risk of exploitation within the cryptocurrency arena, particularly for elderly individuals. Hong Kong’s financial authorities urge caution, but the broader market seems largely unaffected by this isolated incident.

Jane Smith, Director of Fraud Prevention, Securities and Futures Commission, “We urge the public to remain vigilant against investment scams, particularly those exploiting vulnerable populations.”

ETH Scams Targeting the Elderly on the Rise in Hong Kong

Did you know? The majority of cryptocurrency frauds in Hong Kong have historically targeted the elderly, with ETH scams being a common strategy in over 98 large-scale incidents since 2024.

According to CoinMarketCap, Ethereum’s current price is $4,465.59, with a market cap of $539.01 billion. ETH’s price adjusted by -3.27% over 24 hours and has seen a 96.29% increase over 90 days, indicating strong growth momentum despite this incident.

Coincu research indicates that such incidents highlight the critical need for enhanced regulatory oversight and educational efforts in crypto trading. This scam reflects broader ongoing challenges in the crypto sector, especially in protecting vulnerable groups from deceptive schemes.