**⚠️ Blood and Tears Alert: Million-Dollar Crypto Scam Rocks Hong Kong — The Dark Side of Unregulated Trading**
On April 17 in Kwun Tong, Hong Kong, a man named Mr. Luo arrived with HK$1 million in cash to buy USDT. Instead, he was deceived and robbed. Even after reporting the incident, the criminals openly mocked the authorities, shouting, “We’re not afraid of the police!” — sparking chaos at the scene.
Unfortunately, this isn’t an isolated event. In recent months, Hong Kong has seen a surge in crypto-related scams, fueled by over 200 unlicensed exchange shops offering attractive rates and fast deals. Behind the storefronts, many of these operations serve as fronts for fraud and money laundering. Loose regulatory oversight has left countless victims vulnerable.
**How to Stay Safe in the Crypto Market:**
- **Use only licensed platforms** — Legitimate services always verify identities and don’t operate solely in cash.
- **Be skeptical of high rates** — Offers more than 3% above market value are often red flags.
- **Protect your devices** — Never allow remote access or install unfamiliar apps during a transaction.
If you’re targeted or scammed, report it to the police immediately and secure all relevant evidence. In April alone, authorities arrested 503 individuals linked to similar schemes involving over HK$1.56 billion.
A new OTC licensing system is on the way, promising tighter controls. Until then, stay alert.
**High returns often come with high risks. The best investment is safeguarding your money.**