Hong Kong crypto crime triples, police handling 170% more cases

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—by Protos Staff

The rate of crypto crime in Hong Kong has reportedly tripled over the past three years, with documented crypto cases in 2023 involving almost 4.4 billion yuan (roughly $611 million), local outlets report. 

Hong Kong’s Financial Services and Treasury Minister Hui Ching-yu reportedly revealed that the city’s Securities and Futures Commission (SFC) recorded 1,397 and 2,336 cases of crypto crime in 2021 and 2022 respectively. This figure rose to 3,415 in 2023.

According to Hui, the SFC reportedly listed 14 crypto exchanges on its ‘List of Suspected Virtual Asset Trading Platforms’ as of February 14. 

The South China Morning Post (SCMP) also reported that 5,105 cases of online investment fraud were handled by the police last year, a 170% jump in cases from the previous year. 

Hong Kong bans two more crypto sites for misleading investors

Read more: Police probe HK crypto exchange after users lose $15M to scams

The same outlet has also reported that a financial manager in Hong Kong lost HK$17.8 million (US$2,173,500) through investing in bogus crypto and gold on a scam trading site. 

The 57-year-old woman was baited with false profits to make further trades that she would ultimately never be able to withdraw. She was coaxed into sending money to various crypto wallets owned by the scammer under the guise that she was helping finance a legal case. 

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