Elderly man loses HK$18 million in YouTube scam
Thestandard · 4 SOURCES1 day ago2 MIN
Summary
Hong Kong police have issued a fresh warning over online investment fraud after a man in his 70s lost nearly HK$18 million in a scam that began with a YouTube advertisement. The victim was contacted by fraudsters posing as an investment consultant and an investment assistant, then drawn into a WhatsApp group where supposed members shared messages and screenshots claiming profits from cryptocurrency trading. He first bought cryptocurrency with money from his bank account and later moved to a second fake platform that promised even higher returns. Although he managed to withdraw about HK$800,000 worth of Tether before the platform blocked further withdrawals, he still suffered losses of nearly HK$18 million.
Key Points
- In June, the victim saw an investment advertisement on YouTube, became interested, and left his contact details for follow-up.
- A scammer claiming to be an investment consultant added him to a WhatsApp group run by a supposed investment assistant.
- Group members repeatedly posted screenshots and messages about cryptocurrency profits, helping convince the victim the scheme was genuine.
- From August to October, he transferred more than HK$18 million worth of USDT and ETH to wallet addresses designated by the fraudsters.
- In early October, his son warned him something was wrong; after one successful withdrawal, the platform rejected later requests with excuses.
Why It Matters
The case shows how fraudsters are using mainstream platforms, private chat groups and small initial withdrawals to build trust before demanding much larger transfers. For Hong Kong residents, the police message is clear: claimed profits in investment groups may be staged, and sending cryptocurrency to unknown wallet addresses can make losses far harder to recover.