Crypto
HK Man Loses HK$13M to Fake Crypto App Promoted on WhatsApp
A Hong Kong man in his 70s lost HK$13 million (approximately $1.67 million) to a fake cryptocurrency investment app.
The scammer posed as a Singapore-based expert and convinced the victim to invest in Tether (USDT) and Ethereum (ETH).
The fake app displayed fabricated returns, encouraging additional deposits until the victim realized he was being scammed.
This case is part of a larger pattern of investment fraud in Hong Kong, with over 40 reports in one week and combined losses exceeding HK$50 million.