Hong Kong Authorities Handcuffs 19 Crypto Scammers

Hong Kong Authorities Handcuffs 19 Crypto Scammers

Crypto scamming is the recent talk of the town which targets a large number of users and finds ways to rob the life savings of people. Notably, Crypto frauds have taken a quantum leap in recent months. 

Importantly, the Hong Kong Authorities caught 19 international frauds involved in a major crypto scam. During the investigation, the police found that the scammers cheated 170 people from Hong Kong, China, Taiwan, and the U.K. Also, the Hong Kong detectives reports, these 170 victims lost their assets of nearly US$1.4 million in the crypto scam. 

Besides, these 19 major accustes were in connection with the scammers, helping the fraudsters in deceiving the people. In this list, there were 11 men and 8 women ranging around the age between 18 to 31. More so, the scamming team consists of technicians, managers, and promoters.

Smart Crypto Scamming Case

Further, the Police were in a surprise to see the smart plan to run the scamming operations.  The crypto scam was practiced by renting a commercial building in Hong Kong. Besides, to make the scam effective, many youngsters were involved to advertise the fake apps and websites to attract the people. 

In addition, the victims were influenced in such a way to deposit their savings and digital assets into the scammers account. Also the victims were guided to transfer the money only through the fake applications and web pages. 

Significantly, while handling the case, the superintendent from the police’s crime division, Tam Wai-shun shares, the fake apps and the websites shows that the victims were making profits. Also, it resulted in an error page when the victims tried to withdraw their funds, he adds. 

However, the officials shares a sensitive information stating,

“The scammers already vanished with the customers’ funds and cryptocurrencies. One of the victims lost up to HK$760,000, marking the biggest loss in a single case.”

Moreover, the police are still investigating the scam case and searching for other frauds in the connection. During the search operation, the detectives found some valuable items in the place. It includes 9 computers, 128 smartphones, cash worth HK$1.4M, cryptos worth nearly HK$50,000 and a sports car in relation to the suspicious case. 

Hence, the Authorities and detectives in all countries are now very active and alert looking into the crypto industry services. 

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A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.