Hong Kong's "Crypto Underworld" Exposed! 1 Million HKD for USDT, Money Directly Stolen!

Family, this is outrageous! Someone in Hong Kong took 1 million HKD to exchange for USDT, but the money was stolen, and the scammer brazenly shouted, "Not afraid of the police"! This is terrifying, let’s talk about it!

On April 17th, Mr. Luo went to a place that looked like a mobile phone store in Kwun Tong to exchange currency. Who would have thought that as soon as he handed over the money, the other party not only didn’t transfer the currency but directly stole the cash! After calling the police, they became even more arrogant, surrounding Mr. Luo, who had no way to resist!

Such shady shops are not an isolated case in Hong Kong! Legislative Council members revealed that over 200 unlicensed exchange shops across the city are traps! These shops can open as long as they have a business registration, and no one is managing them! Under the guise of "high exchange rates, instant transfer", they are actually involved in money laundering and scams! Previously, a housewife was scammed out of 7.1 million HKD, it’s too tragic!

Why do these shady shops dare to be so arrogant? Simply put, cryptocurrency transactions are too hidden, and Hong Kong’s OTC regulation is lagging behind. On the surface, they appear to be ordinary shops, but behind the scenes, they are all money laundering transfer stations!

Keep this anti-fraud guide handy!

✅ Legitimate platforms must be real-name verified, any place that only accepts cash is 100% a trap!

✅ Exchange rates higher than 3% above market price? Don’t believe it! There's no such thing as free lunch!

✅ Don’t let the other party touch your phone during the transaction! Screen sharing or downloading unknown apps are all scam tactics!

What to do if you get scammed?

Call the police immediately! Keep your transaction records and chat screenshots. The Hong Kong police have recently taken strong action, arresting 503 people in April, involving 1.56 billion! At the same time, the government is pushing for regulatory legislation, making it harder for shady shops to open in the future!

Remember, all offline cryptocurrency transactions are traps! If you want to exchange currency, try to go through legitimate platforms, and if you want to test, start with a small amount!