According to Coin World News and Caixin, the virtual currency investment scam from the mainland has developed into Hong Kong, with at least 118 people falling into the scam, resulting in a total loss of approximately 3.2 million Hong Kong dollars. The Hong Kong police revealed that on July 15, they arrested 4 local Hong Kong residents on charges of "conspiracy to defraud". They are suspected of hosting promotional banquets for the mainland virtual currency scam, recruiting victims and collecting scam funds amounting to 3.89 million Hong Kong dollars. Except for a small amount of funds that have been withdrawn, the remaining approximately 3.2 million Hong Kong dollars have not yet been recovered.