Hong Kong man loses HK$13 million in fake crypto investment app scam

A Hong Kong man in his 70s has lost more than HK$13 million ($1.67 million) after a self-described cryptocurrency investment expert contacted him through WhatsApp and directed him to a fake trading app. Summary A Hong Kong man in his 70s lost more than HK$13 million after a supposed crypto investment expert from Singapore contacted him through WhatsApp. The victim bought USDT and ETH before transferring the assets to wallets specified by the scammer through a fraudulent investment app. The fake app displayed continuing profits, prompting the man to transfer more funds before he discovered the fraud when his withdrawal requests were rejected. Hong Kong police have received more than 40 recent investment scam reports involving combined losses exceeding HK$50 million. Hong Kong police said the case was among more than 40 investment scams recently reported to authorities, with victims losing a combined total exceeding HK$50 million. The latest case began when the elderly man received an unsolicited WhatsApp message from someone claiming to be a cryptocurrency investment expert from Singapore. The person introduced him to what was presented as a crypto platform offering favorable exchan...