CoinVoice has recently learned, according to Caixin, that the virtual currency investment scam from the mainland has spread to Hong Kong, with at least 118 people falling victim, 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 four local Hong Kong residents for 'conspiracy to commit fraud'. They are suspected of holding promotional dinners for the mainland virtual currency scam, soliciting victims and collecting fraudulent funds amounting to 3.89 million Hong Kong dollars, of which only a small amount has been withdrawn, while the remaining approximately 3.2 million Hong Kong dollars has yet to be recovered.
Hong Kong New Territories North Region Serious Crimes Team Inspector Yuen Ho Ting introduced that since the end of June 2025, the police have gradually received reports from citizens claiming to have fallen victim to cryptocurrency investment scams, with victims aged between 33 and 80 years old. Police investigations found that since the beginning of 2025, multiple victims attended an investment promotion dinner named 'DGCX Xin Kang Jia' at a restaurant in Tai Po. The Hong Kong police investigation confirmed that DGCX Xin Kang Jia is a fraudulent trading platform, and the victims' funds were not invested in any real investments. Some of the funds were used to maintain the platform's operations, while other funds are believed to have been used to meet withdrawal requests from other victims. Industry lawyers have stated that since DGCX Xin Kang Jia settles in stablecoin USDT, it has brought many difficulties to the investigation of the case, the recovery of funds, and the protection of victims' rights. [Original link]
