Gate News message, April 19 — Hong Kong police disclosed a cryptocurrency fraud case in which scammers impersonated investment experts to lure victims into investing in digital assets. A woman lost approximately HK$7.7 million in the scheme.
The fraudsters contacted the victim through Telegram, claiming they could deliver stable high returns using AI-powered quantitative trading algorithms. The victim transferred USDT and ETH worth about HK$7.7 million across 17 separate transactions to addresses provided by the scammers. The fraud was discovered only when the victim attempted to withdraw funds and was refused.
Hong Kong police cautioned the public that while cryptocurrencies offer high return potential, they also carry significant volatility and risk. Promises of “AI trading” and “guaranteed profits” are common scam tactics designed to exploit the “impossible trinity” of high returns, low risk, and low entry barriers. The force urged vigilance against such offers.
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