A 60-year-old Hong Kong woman lost approximately HK$21.5 million (US$2.7 million) in a cryptocurrency scam. She met an online "investment expert" who directed her to a fake platform where she made multiple transfers between April and September. The scammer requested collateral to prove her account wasn't used for money laundering.
The incident highlights the persistent risks of online investment scams, particularly those involving cryptocurrency, and the significant financial losses individuals can suffer when falling victim to fraudulent platforms and social engineering tactics.
A 60-year-old woman in Hong Kong has lost approximately HK$21.5 million (US$2.7 million) in a cryptocurrency investment scam. The victim reportedly met an individual claiming to be an investment expert on an online parenting forum on March 15, 2026. This individual then persuaded her to invest in cryptocurrency through a fake trading website.
According to reports, the scammer repeatedly requested that the victim submit collateral to prove her account was not being used for money laundering. Between April 14 and September 22, 2026, she made multiple transfers totaling about HK$21.5 million to a designated account linked to the platform.
She became suspicious when she was unable to recover her funds and reported the incident to the police on October 3, 2026. Authorities have classified the case as obtaining property by deception and assigned it to the Fourth Criminal Investigation Unit of the Sau Mau Ping Police District. No arrests have been made at this stage.
Police have reminded the public to be cautious of unsolicited investment approaches, demands for upfront payments, and platforms that pressure users to verify accounts through additional deposits, noting that obtaining property by deception is a serious offense punishable by up to 14 years' imprisonment upon conviction.
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