⚠️ Blood and Tears Alert: The Million-Dollar Crypto Scam in Hong Kong — A Shocking Reality Behind the Curtain!

On April 17 in Kwun Tong, Hong Kong, a man named Mr. Luo arrived with 1 million HKD in cash, intending to exchange it for USDT. Instead, he was scammed and robbed. Even after reporting it to the police, the perpetrators brazenly shouted, “We’re not afraid of the police!”—and chaos erupted at the scene.

This is not an isolated case. In recent months, Hong Kong has seen a rise in such frauds, with over 200 unlicensed cryptocurrency exchange shops operating under the guise of high rates and fast transactions. Behind the scenes, many of these “black shops” are hubs for fraud and money laundering. Weak regulatory oversight has allowed them to repeatedly exploit unsuspecting victims.

Tips to avoid falling victim to scams:

• Use only licensed platforms — they always conduct identity verification and never deal solely in cash.

• Beware of too-good-to-be-true rates — if the rate is 3%+ above market, it’s likely a scam.

• Protect your devices — never allow remote access to your phone or install unfamiliar apps during a transaction.

If you’re targeted or become a victim, report it to the police immediately and secure all transaction evidence. In April alone, Hong Kong police arrested 503 individuals linked to similar cases, involving over HK$1.56 billion.

With a new OTC licensing system on the horizon, tighter controls are coming—but for now, remain vigilant.

High returns = high risks. Your safest investment is protecting your own money.