Home Crypto 19 People Arrested in Hong Kong for Alleged $1,400,000 Crypto Scam

19 People Arrested in Hong Kong for Alleged $1,400,000 Crypto Scam

Police officers in Hong Kong have arrested 19 people who find themselves allegedly concerned in a $1.4-million pretend crypto funding scheme.

The fraudsters reportedly informed their victims that they may make a fortune in the event that they make investments in cryptocurrency and lured them with pictures of luxurious existence.

According to RTHK News, the scammers focused 170 people from totally different nations, together with China and the United Kingdom.

Officers arrested 11 males and eight ladies, and in addition seized 9 computer systems, 128 smartphones, a racing automobile, cryptocurrency value $6,417, and $179,695 in money throughout the two-day police operation.

Police Technology Crime Division Superintendent Tam Wai-shun says the fraudsters used a pretend app and faux internet pages to deceive their victims. 

Tam Wai-shun says that scammers are more and more utilizing digital currencies.

According to the South China Morning Post (SCMP), Hong Kong logged 496 crimes involving crypto belongings in the primary six months of 2021. The fraudulent actions led to a lack of HK$214.4 million, or about $27.5 million. One sufferer reported dropping HK $124 million, or $15.9 million, to a crypto rip-off. 

Cryptocurrency crimes in the primary six months of 2021 have already exceeded the full quantity recorded in 2020, in line with the SCMP. The outlet reports that final yr 208 crimes associated to crypto belongings concerned losses of HK $114.4 million, or about $14.6 million.

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