Businessman In Hong Kong Loses IDR 6 Billion Crypto Assets

Crypto scams in Hong Kong are increasing. (Photo; Doc. Coingape)

JAKARTA A 44-year-old businessman in Hong Kong has become a victim of crypto fraud that cost up to 3.11 million Hong Kong dollars or around Rp. 6 billion. This incident revealed the modus operandi of the perpetrators who used counterfeit banknotes to deceive their victims.

This incident occurred at Nathan Road, Hong Kong, when the victim was shown three bundles of R$1,000 banknotes. After that, he was asked to transfer USDT stablecoins worth USD 3.11 million Hong Kong dollars (approximately US$399,000 or Rp. 6,384,000,000) to the digital wallet determined by the perpetrators.

According to a South China Morning Post report, "Except for the two original notes placed above and below each bundle, the other money is fake training money." When the victim asked to check the banknote, two perpetrators who pretended to be office employees refused on the grounds that they had not received instructions from the manager by telephone. Feeling suspicious, the victim immediately reported the incident to the police.

Hong Kong police managed to arrest three people in connection with this fraud. A 24-year-old man and a 42-year-old woman were arrested at the scene. In addition, another man was also arrested after police found 10.978 pieces of counterfeit Hong Kong dollars at the Mong Kok office, where the fake transaction took place. The three of them were arrested on charges of obtaining property through fraud and possessing counterfeit banknotes.

Crypto Fraud In Hong Kong Rises

Crypto fraud cases in Hong Kong show an increasing trend. In 2024, police recorded 1,693 "training fees" in three other crypto fraud cases. As one of Asia's major crypto hubs, Hong Kong faces major challenges in tackling these fraudulent activities. Local authorities have improved their ability to track money laundering activities involving digital assets.

The Hong Kong Securities and Futures Commission (SFC) has tightened surveillance of suspicious crypto entities. This month, the SFC issued warnings against seven crypto trading platforms operating illegally without a proper license in the region.

Since January 2020, SFC has maintained a warning list that includes 39 entries. In 2024 alone, 28 crypto exchanges have been included in this list, including Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest.

With increasing fraudulent activity, Hong Kong continues to strengthen regulations and surveillance to protect investors and maintain the integrity of the crypto market. These measures include increasing law enforcement capabilities and strict supervision of crypto trading platforms.

According to a report from CoinTelegraph, Hong Kong has managed to build significant experiences in dealing with crypto cases, allowing authorities to be more effective in tracking and cracking down on money laundering activities. In addition, the authorities are also aggressively educating the public about risks and how to avoid crypto fraud.

This case highlights the importance of education and prudence for investors in dealing with crypto investment risks. With the high volatility of the crypto market and the many modes of fraud, investors must always be vigilant and do in-depth research before making transactions.

A report from CryptoSlate shows that despite the many risks, profit opportunities in the crypto market remain attractive to many investors. However, to reduce risk, investors are advised to transact only through platforms that have a good reputation and are well-regulated.