Hong Kong retiree loses HK$13 million in sophisticated crypto scam

The scheme began with an unsolicited message promising favorable exchange rates and low fees. Following the scammer's guidance, the victim purchased Tether and Ethereum, transferring the assets into wallets controlled by the perpetrator. The custom-built application provided a false sense of security by displaying consistent, artificial profits, which encouraged the victim to increase his investments repeatedly.

The deception collapsed only when the man attempted to withdraw his funds. His requests were met with a series of excuses, and he eventually realized the entire platform was a facade. Hong Kong police, who disclosed the case via their CyberDefender social media channels, confirmed this incident is part of a broader surge in financial crime. Authorities have received over 40 reports of similar investment scams recently, with total losses exceeding HK$50 million. Police are urging the public to avoid downloading unverified investment software and to remain skeptical of strangers offering high-yield financial advice.