PANews July 19 news, according to Caixin, the virtual currency investment scam from the mainland has spread to Hong Kong, with at least 118 people falling into the scam, resulting in a total loss of approximately 3.2 million Hong Kong dollars. On July 16, the Hong Kong police revealed that on July 15, they arrested 4 local Hong Kong residents on charges of 'conspiracy to commit fraud.' They are suspected of hosting promotional banquets for the mainland virtual currency scam, luring victims and collecting scam funds amounting to 3.89 million Hong Kong dollars; aside from a small amount of funds that have been withdrawn, the remaining approximately 3.2 million Hong Kong dollars has yet to be recovered.
Inspector Yuan Haoting of the Second Division of the Major Crimes Unit of the New Territories North Police in Hong Kong introduced that since the end of June 2025, the police have received reports from citizens suspecting they have fallen into cryptocurrency investment scams, with victims aged between 33 and 80 years. The police investigation found that since early 2025, several victims attended an investment promotional banquet named 'DGCX Xinkangjia' at a restaurant in Tai Po. The Hong Kong police investigation confirmed that DGCX Xinkangjia is a fraudulent trading platform, and the victims' funds were not subjected to any real investment; some funds were used to maintain the platform's operations, and other funds are believed to be used to cope with withdrawals from other victims. Industry lawyers stated that since DGCX Xinkangjia settled transactions using the stablecoin USDT, it has posed many difficulties in solving the case, recovering funds, and protecting the rights of the victims.