Hong Kong Man Reports HK$26.2M Cryptocurrency Scam

A 75-year-old man in Hong Kong lost HK$26.2 million ($3.35 million) between July and September to a cryptocurrency scam involving a fake ‘National Hong Kong Coin’.

This incident highlights the dangers of fraudulent cryptocurrency schemes, urging verification through official channels to avoid significant financial loss.

Elderly Victim Loses Millions in Fraudulent Crypto Scheme

Hong Kong’s police report detailed a major cryptocurrency scam involving promises of high returns. The victim, a 75-year-old man, was persuaded to invest HK$26.2 million between July and September. The scammers posed as investment experts and created false social media accounts, including impersonating Chief Executive John Lee Ka-Chiu.

No immediate market changes occurred following this incident, but the event has spotlighted the need for caution. Authorities have urged citizens to verify investment opportunities through official channels, emphasizing there is no government-backed cryptocurrency known as the “National Hong Kong Coin.” The fraudulent schemes specifically targeted individuals without broader market disturbances.

The government has no involvement in any project purporting to be a ‘National Hong Kong Coin.’ Citizens should exercise discernment and verify news via official accounts. – Johnny Ng, Legislative Council Member, Government of Hong Kong.

Ethereum Price Steady Despite Scam Reports

Did you know? The emphasis on using authorized channels to verify information echoes previous crypto scams, highlighting consistent risks in the cryptocurrency market exploited by social engineering tactics.

Ethereum (ETH) holds a current price of $4,493.87, recording a slight 24-hour increase of 0.53%, while observing a 7-day decline of 3.66%. According to CoinMarketCap, it maintains a market cap of $542.43 billion with dominance at 13.41%.

A Coincu research team member stated, “Such fraud incidents highlight the persistent threat of unauthorized schemes in the crypto market. Regulatory emphasis on educational initiatives can mitigate risks and enhance market integrity.” The events underscore the continuous requirement for vigilance in investor education.