As Hong Kong works to become a global crypto hub, the local police reported a notable increase in the use of crypto as a medium for online scams.
Some countries worldwide suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022.
Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars last year — surging 106% from a year before — according to local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post Hong Kong scams involving crypto accounted for more than 50% of the 3.2 billion HK$ stolen from city residents in technology crimes, according to the official data from the Hong Kong police CyberDefender website.
The Hong Kong police force’s cybersecurity and technology crime bureau also shared some observations about a typical crypto-related scammer, describing such perpetrators as pretending to be highly experienced in investing in crypto assets, precious metals or foreign exchange products. Such persons often lure victims into installing fraudulent investment applications showing fake transactions and returns, police stated.
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