CoinVoice has recently learned, according to Caixin reports, that virtual currency investment scams from the mainland have developed into Hong Kong, with at least 118 people falling victim to the scam, resulting in total losses of approximately 3.2 million Hong Kong dollars.

Hong Kong police revealed that on July 15, they arrested four local Hong Kong individuals on charges of "conspiracy to commit fraud". They are suspected of holding promotional dinners for mainland virtual currency scams, recruiting victims, and collecting scam funds amounting to 3.89 million Hong Kong dollars, of which only a small amount has been withdrawn; the remaining approximately 3.2 million Hong Kong dollars has yet to be recovered. [Original link]