Hong Kong Police Unmask $46 Million Crypto Scam Operation
Hong Kong authorities recently shut down a major cryptocurrency investment scam that duped unsuspecting victims of about HK$360 million (about $46.35 million) The operation was conducted at a factory in the Hong Hom area of the city.
27 people, aged between 21 and 34, were arrested in the police operation last week. They are charged with conspiracy to commit fraud and possession of a firearm. Several of those detained were digital media graduates from local universities, while others are thought to be linked to three local professional groups.
According to the Internet Crime and Complaints Institute, global losses from crypto fraud rose to $3.96 billion by 2023, an increase of 53% compared to $2.57 billion by 2022. In Hong…
