1 million Hong Kong dollars lost in offline cash withdrawal scam in Hong Kong!
Recently, Hong Kong witnessed another shocking "withdrawal tragedy" in the cryptocurrency world: a man carried 1 million Hong Kong dollars in cash, intending to buy USDT at a "mobile phone store" in Mong Kok. However, he not only received no coins but was also robbed of the huge sum of money on the spot by an offline black market shop, losing everything!
Even more outrageous is that the other party actually called the police, claiming that "someone in the store was carrying a large amount of cash intending to conduct illegal transactions." In the end, the police arrived and took the victim as a suspect for investigation.
All of this happened simply because he chose the wrong method for cash withdrawal.
Withdrawal is the biggest risk in the cryptocurrency world.
Many people think that the hardest part of trading cryptocurrencies is choosing coins and making trades; in reality, the real challenge is safely withdrawing the money earned.
If the withdrawal method is chosen incorrectly, it can lead to price cuts, frozen cards, or worse, scams and investigations, all efforts wasted!
Why is the risk of offline cash withdrawal so high?
Lack of regulation: According to incomplete statistics, there are currently over 200 "black currency shops" in Hong Kong, which appear to be mobile phone accessory or luxury watch shops, but are actually money laundering dens.
Fishing and inducement: They attract users to the store with enticing phrases like "high exchange rates" and "instant arrival"; once trapped, it becomes very difficult to escape.
Not protected by law: Cash transactions are untraceable, with no contracts and no guarantees; once something goes wrong, you have no way to provide evidence to protect your rights.
How can cash withdrawal be safe?
Prioritize compliant platforms: such as BiyaPay and other legitimate platforms that support KYC real-name verification, risk control review, and USDT to USD deposits;
Refuse cash transactions to avoid C2C traps;
Withdraw in batches and reserve tax space to ensure that the source and path of funds are compliant and traceable;
Be wary of "intermediaries" or "WeChat scalpers"-style temptations; true safe withdrawals do not require sneaking around.
Is the end of the cryptocurrency world not financial freedom, but account freezing?
Don't wait until problems arise to regret it. Making money relies on vision, withdrawing funds relies on channels.
Don't let withdrawals become your biggest obstacle to freedom.