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Hong Kong romance scams drained $9 million in crypto scheme week
Victims were lured through dating or messaging apps, shown fake trading profits, and could not withdraw funds after investing, according to Cointelegraph.
Hong Kong saw a cluster of romance-linked crypto investment scams that netted $9 million in a single week, with an insurance agent losing $3.3 million after a fake online boyfriend pushed her into a fraudulent crypto application, according to Cointelegraph.
Cointelegraph said police received 25 similar cases between July 24 and July 30, where scammers built rapport over dating and messaging apps for months before directing victims to websites that appeared to be legitimate trading platforms.
The reports noted that these platforms showed fake profits to encourage additional deposits, and victims generally realized they were scammed when they were unable to withdraw their funds.
Separately in Hong Kong news, Cointelegraph also said Hong Kong-licensed crypto exchange HashKey Exchange received approval from JPMorgan Chase to open a client money account, and a Vietnam-linked scheme branded Fun Coffee promised returns of up to 222% before authorities described it as a virtual currency scam and said it imploded in Hong Kong.
Latest closeCoffee $321.15 ▼3.3%