Home Crypto Hong Kong Police Crackdowns Crypto Investment Scam, involving $60M HKD

Hong Kong Police Crackdowns Crypto Investment Scam, involving $60M HKD

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Hong Kong police introduced Friday the authority has dismantled a cryptocurrency funding rip-off involving as a lot as 60 million Hong Kong {dollars}. At least 19 persons are beneath arrest. 

According to the native authority, the group deceived victims’ cash by attractive the general public to put money into cryptocurrencies as early as final yr. On August 18 and 19, the police arrested a minimum of 19 suspects, together with eleven males and eight ladies, consisting of the rip-off group in cost, data know-how personnel and facilitators.

Suspects aged 18 to 31 years outdated are accused and concerned within the case on fees of “conspiracy to defraud.”

The Police mentioned the investigation is present process, victims come from varied areas, together with mainland China, UK and Taiwan; these confiscated gadgets included 9 computer systems, 128 smartphones, $1.4 million hong kong {dollars} in money, cryptocurrency value about 50,000 HKD, and a sports activities automobile associated to the case.

Local media reported the rip-off group deceived the boldness of victims by displaying yachts, luxurious vehicles, and money on varied social media platforms to fake to wealthy folks for, adopted by asking them to deposit their cash by investing in cryptocurrencies, primarily into Tether(USDT). As a consequence, victims are tricked into transferring their cash on a faux cryptocurrency platform utility and fail to get the cash again.

The police mentioned the quantity of scams concerned within the first quarter of this yr has already reached HKD 11 million, and greater than 170 folks have been deceived.

Image supply: Shutterstock

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