HK Woman Loses HK21.5 Million in Cryptocurrency Scam on Baby Kingdom

A 60-year-old Hong Kong woman has fallen victim to a cryptocurrency scam, losing over HK$21.5 million (US$2.7 million) after being duped by a fake investment expert she met online.

The woman reported the case to police on Saturday, having befriended an individual claiming to be an investment specialist on the popular online parenting forum and community website, Baby Kingdom, on March 15 this year.

The scammer convinced her to invest in a fake cryptocurrency platform that promised high returns, and she remitted HK$19 million to the fake website.

Subsequently, an accomplice posing as a platform compliance officer contacted her, claiming that her account had been involved in money laundering and demanding funds to clear her name.