The Hong Kong Police Cyber Crime Bureau has issued a warning after a 66-year-old retired man fell victim to three separate cryptocurrency scams.
Summary
- A Hong Kong senior loses HK$6.6M in three separate cryptocurrency scams.
- Police warn against transferring money or crypto to strangers to avoid fraud.
- Fraudsters impersonating experts tricked the victim into losing all his savings.
In total, the elderly victim lost HK$6.6 million after being misled by fraudsters posing as cryptocurrency experts, according to local reports.
In September 2025, the victim received a WhatsApp message from a fraudster claiming to be a cryptocurrency investment expert. The scammer promised guaranteed profits and offered to teach the victim how to invest in cryptocurrencies.
Trusting the individual, the elderly man handed over HK$1.4 million. After the cryptocurrency was deposited into the fraudster’s account, the scammer vanished. Realizing he had been deceived, the victim reported the incident to the police.
Not willing to give up, the victim went online to seek help from another “cryptocurrency expert” to recover his losses. The new fraudster reassured the victim that recovery was possible, but demanded 600,000 yuan as a deposit. Once the victim transferred the money, the so-called expert disappeared as well, and the victim realized he had been scammed a second time.
In January of this year, the victim was contacted by another fraudster claiming to be able to recover his previous losses. This time, the fraudster insisted that the victim purchase 4.6 million yuan worth of cryptocurrency and deposit it into a designated account. As with the previous scams, the fraudster disappeared after the victim complied. At this point, the elderly man had lost his entire life savings to scammers.
Police Warning and Advice
The police are urging citizens to be cautious and avoid transferring money or cryptocurrency to strangers. They emphasize that no one can guarantee to recover losses, and any offer that promises guaranteed returns or insider information is likely a scam. If someone offers to help recover funds after a previous scam, it is likely part of a serial fraud scheme.
Additionally, the FBI has issued a warning about fake tokens on the Tron blockchain impersonating the agency. Scammers are using these fake tokens to trick users into providing personal information under the false pretense that their wallets are under investigation.