Hong Kong Septuagenarian Scammed Out of Over HK$13 Million by Fake Cryptocurrency App

Golden Finance reported on September 14 that Hong Kong police revealed they received over 40 investment fraud cases in the past week, with total losses exceeding HK$50 million. Among them, a septuagenarian lost over HK$13 million after falling victim to an investment scam. Police disclosed that the elderly man received unsolicited messages via WhatsApp from a self-proclaimed "cryptocurrency investment expert" based in Singapore. The scammer claimed to introduce a cryptocurrency platform with high exchange rates and low transaction fees, promising that withdrawals could be made at any time. Following the instructions, the victim set up a cryptocurrency wallet, purchased Tether ($USDT) and Ethereum ($ETH), and downloaded a fake investment platform app provided by the scammer. He then transferred the cryptocurrency to a designated wallet as investment capital. Initially, the fake app showed continuous profits, prompting the victim to transfer more funds. However, when he attempted to withdraw, the scammer refused with various excuses, leading him to realize he had been deceived. Police reminded the public not to trust self-proclaimed "investment experts" or their "secrets to lucrative profits." They also warned against downloading unknown investment apps and advised verifying authenticity with official platforms before investing.