As a seasoned crypto investor with years of experience in the industry, I can’t help but feel a mix of concern and disappointment upon hearing about yet another instance of cryptocurrency fraud in Hong Kong. The city-state has long been a major hub for crypto in Asia, attracting significant investment and innovation in the digital asset space. However, with this newfound attention comes an unfortunate increase in fraudulent activities.
Three people have been apprehended by the Hong Kong police on suspicion of swindling a businessman out of approximately HK$3.11 million, or around $399,000, through a crypto scam. They allegedly presented him with fake HK$1,000 banknotes in three separate bundles.
During a recent police operation in Mong Kok, it’s said that officers discovered and seized approximately 10,978 counterfeit HK$1,000 banknotes at the scene of a suspected fraudulent transaction that occurred there just a week prior.
Cryptocurrency Fraud Bust
According to a reliable source, a 44-year-old businessman was presented with three stacks of what seemed like HK$1,000 banknotes at a Nathan Road establishment. Following this encounter, he was directed to move HK$3.11 million worth of Tether’s USDT stablecoin into a designated digital wallet.
An insider was quoted saying,
“Only the top and bottom bills in each stack were authentic money, while the rest were counterfeit or ‘training’ notes.”
The businessman asked to examine the banknotes according to the report, but the two suspects, who seemed like office workers, declined, explaining they hadn’t received authorization from their store manager over the phone. Finding their actions questionable, the victim contacted the police for assistance.
A 24-year-old man and a 42-year-old woman are among those taken into custody by Hong Kong authorities. They were arrested on charges of obtaining property through deceit and possessing fake banknotes. Another man was also apprehended later, following the discovery of counterfeit money in their office.
Three separate instances of cryptocurrency-related fraud have been uncovered by Hong Kong authorities, resulting in the confiscation of 1,693 sets of training materials as evidence.
Increased Crypto Fraud Forces Hong Kong to Enhance Skills
Hong Kong has solidified its position as a prominent cryptocurrency hub in Asia, drawing in substantial capital. Nevertheless, this development has brought about a rise in fraudulent practices, compelling the authorities to enhance their expertise. Notably, Hong Kong’s extensive experience in law enforcement related to cryptocurrencies empowers them to efficiently track and investigate money laundering transactions involving digital assets.
Concurrently, the Securities and Futures Commission of Hong Kong (SFC) has stepped up its scrutiny of questionable cryptocurrency businesses. Recently, the regulatory body released cautions against seven unlicensed crypto trading platforms functioning within the territory.
Starting from January 2020, the Securities and Futures Commission (SFC) of Hong Kong has kept a watchlist, consisting of 39 entities as of now. In the year 2024, no less than 28 cryptocurrency exchanges came under their scrutiny. More recently, Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest have been added to this list.
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2024-07-21 02:56