Key Insights:
- Hong Kong retiree loses HK$6.6M in three separate crypto scams by fake “experts.”
- Police warn against recovery scams and transferring funds to strangers.
- Businessman kidnapped, forced to hand over $680K crypto and silver.
In a shocking development in the Hong Kong crypto space, a 66-year-old retiree lost his entire life savings to a serial hack. The individual has reportedly fallen victim to three separate crypto scams, losing about HK$6.6 million.
Inside Three Crypto Scams Worth HK$6.6M
According to a recent Wu Blockchain X post, an elderly individual in Hong Kong has lost his entire savings of HK$6.6 million to hackers.
The man experienced three different crypto scams, which resulted in him losing money through deception.
The attackers pretended to be crypto specialists who successfully deceived the victim into transferring his money. After the incident, the Hong Kong Police Cyber Crime Bureau issued a warning, underscoring the rising number of crypto scams and hacks.
The first incident involving the retiree took place in September 2025. Then, the victim received a WhatsApp message from someone claiming to be a crypto investment expert.
The scammer promised guaranteed profits and persuaded him to invest in crypto according to his financial guidance. The man who believed the offer to be trustworthy transferred HK$1.4 million to the scammer. The fraudster vanished after receiving the money.
Soon, the victim started looking to recover his stolen funds. Through his search efforts, he found another expert who seemed to have specialized knowledge.
The scammer asked for a 600,000 yuan deposit before he would start the process of recovering the lost funds. After the victim made the payment, the fraudster disappeared again, which made the victim understand that he had fallen victim to a second scam.
The last crypto scam in this series took place this January. The victim was contacted by yet another fraudster, claiming that he could recover the previous losses.
This time, the victim was asked to purchase 4.6 million yuan worth of crypto and transfer it to a designated account. The same previous crypto scams were repeated, and the scammer disappeared with no traces.
Crypto Scams: Authorities Warn to Stay Alert
Following these crypto scams, the Hong Kong police requested residents to maintain their safety precautions. People have been asked to avoid sending digital currencies and money to anyone they do not know or to any account that appears suspicious.
They stress that no genuine service can guarantee profits or promise to recover lost funds. Scammers use these types of claims as their main method to create trust with potential victims.
The authority warned that if someone approaches crypto users offering to recover lost funds in previous scams, it is likely another fraud attempt. According to the police, these so-called “recovery services” are part of a growing trend where victims are targeted again after their initial loss.
Businessman Kidnapped in Hong Kong
The latest incident highlights the growing crypto scams in Hong Kong. Another major incident reported recently unveils how crypto thefts involve physical violence.
Recently, a 25-year-old Chinese businessman was kidnapped and assaulted during a business meeting in Hong Kong. What was meant to be a normal deal quickly turned into a violent robbery.
The victim arranged a meeting with other people at a Hung Hom hotel to discuss a possible silver trading deal. The situation soon changed into a kidnapping. The police reported that three men and a woman assaulted the victim while they kept him captive.
The attackers forced him to reveal the passwords to his crypto accounts. They transferred digital assets worth approximately $680,000. The suspects not only stole crypto but also took 42 kilograms of silver, which had a value of around HK$800,000.