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Cryptocurrency crime in Hong Kong hits record levels, with one victim losing HK$124 million to fraudsters

Source: scmp.com scmp.com
News Snapshot:

Cryptocurrency crimes and the scale of losses in Hong Kong soared to record levels in the first six months of this year, with one victim conned out of HK$124 million (US$15.9 million). Police logged 496 such cases involving victims losing a total of HK$214.4 million in the first half of 2021. Across the whole of last year, total losses from 208 cases stood at HK$114.4 million. Investing in cryptocurrency, a form of digital money that can be exchanged online for goods or services, has grown in popularity in recent years. Mainstream versions include tether, ethereum and bitcoin. HK$83,000 stolen from…

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