HK$387.9 million in cryptocurrency scammed in first half of 2022 in Hong Kong
- Some HK$1.58 billion swindled through cyber offences in first half of this year, police reveal
- Together with job offer scams and fraudulent online shopping activity, cryptocurrency scams make up the top 3 types of cybercrimes in the city
Cryptocurrency scams accounted for a significant portion of the money conned through cybercrimes in Hong Kong in the first half of 2022, police have revealed.
Wilson Fan Chun-yip, acting senior superintendent of the cybersecurity and technology crime bureau, said 10,613 cyber offences involving about HK$1.58 billion (US$201 million) were recorded between January and June. The number marks a 46 per cent increase from the 7,270 cases recorded in the same period last year.
Among these were 798 cryptocurrency-related scams, a 105 per cent increase from the same months in 2021. They involved HK$387.9 million, a 130 per cent increase from the more than HK$170 million cheated in the first half of last year.
In March this year, a 30-year-old woman who runs a currency exchange store that also provides cash-to-cryptocurrency exchange services was cheated of HK$2.2 million. The victim received an anonymous WhatsApp message from someone who claimed to be in charge of an online cryptocurrency trading platform and was looking to collaborate.
“The first four transactions to exchange [cryptocurrency] Tether went smoothly,” Fan said. “The victim received HK$2.7 million, which included payment to her for the exchange service she provided to the scammer. By that point, the scammer gained the victim’s trust.”
In the fifth and final transaction, the victim transferred HK$2.2 million worth of Tether to a designated cryptocurrency wallet as requested by the scammer. She never heard back and subsequently reported the incident to authorities.
According to police, job scams and online shopping traps were the two other notable forms of fraudulent online activity in the city. Together with cryptocurrency-related scams, they made up the top three types of cybercrimes in Hong Kong.
