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Hong Kong Investors Lost $50M From Crypto Scams in 2022 (Report)

Cryptocurrency scams have reportedly been one of the most common cyber offenses in Hong Kong during the first half of 2022, and 25% involved digital assets.

The concerning number of such fraudulent schemes could be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents. A recent research classified the state as the most crypto-ready nation across the globe.

105% More Crypto Scams Than in H1 2021

According to a South China Morning Post coverage, there have been 10,613 cyber attacks in Hong Kong between the beginning of January and the end of June this year. 798 were cryptocurrency-related fraudulent schemes โ€“ a 105% increase considering the same period in 2021.

Wrongdoers drained HK $387.9 million (around $50 million) from Hong Kong-based digital asset firms and individuals โ€“ a significant surge compared to the $21 million stolen in H1, 2021.

One such victim was the 30-year-old woman named Fan, who manages a currency exchange store in the region. A few months ago, she received a message on WhatsApp from an anonymous person who presented himself as the head of a digital asset platform. The criminal lured her into investing approximately $280,000 in Tether (USDT).

โ€œThe first four transactions to exchange [cryptocurrency] Tether went smoothly. The victim received HK$2.7 million, which included payment to her for the exchange service she provided to the scammer. By that point, the scammer gained the victimโ€™s…

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