Hong Kong experiences over 80 crypto scams in one week! Believing AI quantitative trading guarantees profits, one woman is scammed out of millions of dollars

Hong Kong Experiences Large-Scale Crypto Scam, Over 80 Reports in One Week, Total Loss Surpasses HKD 80 Million

Recently, Hong Kong has seen a surge in large-scale cryptocurrency scams, drawing significant attention from law enforcement. According to local authorities, over 80 related scam reports have been filed within a week, with total losses exceeding HKD 80 million (approximately USD 10.2 million).

Police indicate that scam techniques are continuously evolving, combining crypto assets with popular technological concepts, leading to a rise in both case numbers and loss amounts. Victims span various age groups, many of whom are first-time crypto investors.

This wave of scams mainly spreads through social media platforms and instant messaging tools. Perpetrators often pose as investment advisors or professional traders, promoting “low risk, high return” schemes to gradually lure victims into transferring funds.

Fake AI Quantitative Trading Scam, Woman Loses Over USD 1 Million in 17 Transfers

In an exposed case, a woman believed in an “AI quantitative trading” investment opportunity and ultimately lost about HKD 7.7 million (around USD 1 million).

It is understood that the victim initially received information from a stranger on the messaging app Telegram. The other party claimed to be an investment expert, asserting that they used artificial intelligence algorithms to trade in the crypto markets, promising stable high returns.

After multiple conversations and persuasion, the victim was guided to a fake investment platform and instructed to transfer funds to a specified wallet address. She made 17 transfers involving $USDT and assets like Ethereum (ETH).

When she attempted to withdraw her funds, the platform delayed for various reasons, revealing the scam. Police pointed out that the so-called “AI quantitative trading” and “guaranteed profits” are common scam tactics with no real investment basis.

Love Scam Combined with Crypto Assets, Victim Loses Over USD 250k

Another case presents a different scam model. A woman over 50 was approached by a stranger on social platform Instagram. The scammer built an emotional connection through long-term interaction, gradually gaining trust and then guiding her into a fake crypto investment.

The victim paid about HKD 40k (around USD 5,000) as an account opening fee. Subsequently, she visited physical exchange stores multiple times to convert cash into cryptocurrency and transferred it to a designated wallet. The entire process involved 7 transactions, with total losses exceeding HKD 2 million (about USD 250k).

Police stated that this type of “romance scam” often lasts several months, using emotional manipulation to lower victims’ defenses. Once the funds are transferred, the scammer cuts off contact and disappears.

Crypto and AI Narratives in Scams, Increased Regulatory and Anti-Fraud Pressure

Hong Kong police emphasize that, scam groups are heavily using keywords like “AI,” “quantitative trading,” and “stable returns,” packaging their schemes to exploit market misunderstandings of new technologies, making investment opportunities appear professional and trustworthy.

Since crypto assets have irreversible transactions, recovering funds after transfer is extremely difficult, leading to generally higher losses in such cases. Authorities urge the public to be cautious of unverified investment advice and to remain highly alert to any promises of guaranteed returns.

Globally, crypto scams and cybersecurity incidents continue to rise. Law enforcement is strengthening cross-border cooperation and on-chain tracking capabilities. However, until market education and investor risk awareness mature, such cases are likely to persist, posing significant concerns in the development of Web3.

This article is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in training, and may contain logical biases or informational errors. Content is for reference only; do not consider it investment advice.