Two Hong Kong women lose $1.24M to crypto scams

Overview

Two women in Hong Kong lost a combined HK$9.7 million (US$1.24 million) to cryptocurrency scammers in recent weeks, according to local reports. The news comes as Hong Kong police issued a public warning after more than 80 fraud cases were reported in a single week, with total losses exceeding HK$80 million (US$10.2 million).

Pig butchering via Telegram: $1 million lost

In the larger of the two cases, a woman lost upward of HK$7.7 million (US$1 million). She was contacted on Telegram by someone pretending to be an investment expert. The scammer promised guaranteed high returns through what they described as “quantitative trading” and “AI algorithms” applied to crypto markets. Persuaded by the pitch, the victim was directed to a fraudulent investment website. She made 17 separate transfers of Tether (USDT) and Ethereum from her crypto wallet to one controlled by the scammer. She only realized something was wrong when her repeated attempts to withdraw earnings were blocked with a string of excuses.

Police noted that scammers increasingly exploit crypto’s reputation for high returns by deploying buzzwords like “AI-driven trading” and “guaranteed quantitative profits.” Those phrases are common lures with no basis in legitimate trading.

Romance scam: $256,000 drained via Instagram

The second case unfolded over a longer period and involved a different tactic. A scammer first approached a woman aged over 50 on Instagram, engaging with her posts and sending affectionate messages daily. Over time, the scammer nurtured a romantic relationship before presenting an illusory crypto investment scheme with assured profits.

The woman was initially asked to pay HK$40,000 (US$5,000) as a handling fee to open an account on a fake investment platform. She then visited a physical shop on seven separate occasions to exchange cash for USDT and transfer it to a wallet belonging to the con artist. In total, she lost more than HK$2 million (US$256,000). Once the transfers were complete, the scammer disappeared, cutting off all contact. This is a common tactic used by romance scammers once they believe they have extracted all the money they can from a victim.

Romance scams rely on months of relationship-building before any financial request is made. That prolonged timeline is what makes them effective. The victim becomes emotionally invested and trusts the scammer, making them more likely to comply.

Police warning and wider trend

The Hong Kong Police called on the public to be wary of unsolicited contact from self-described investment experts. They also urged caution with overly affectionate online relationships, particularly when they eventually involve requests for money.

Crypto scams and protocol hacks continue to rise overall. For example, Cryptopolitan recently reported that musician G Love lost 5.92 BTC (worth around $424,000) to a fake Ledger app. The funds were siphoned after the victim entered his seed phrase into the fake app. Crypto sleuth ZachXBT traced the funds to KuCoin, where the Bitcoin was laundered across several wallets.

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