WhatsApp Crypto Scam Costs Elderly Man HK$13 Million
HK01 · 4 SOURCESabout 22 hours ago2 MIN
Summary
A man in his 70s was lured into a cryptocurrency investment scam after receiving an unsolicited WhatsApp message from someone claiming to be a Singapore-based “crypto investment expert”. He was persuaded to open a crypto wallet, buy Tether and Ether, and move the assets into wallets designated by the fraudsters through a fake investment app that appeared to show steady gains. The victim only realised he had been cheated when he tried to withdraw funds and was repeatedly refused, with total losses exceeding HK$13 million. New details show the transfers were made in 11 instalments between July 31 and September 2, and the case is being handled by Team 3C of the West Kowloon Regional Technology and Financial Crime Unit
Key Points
- The scam began with a cold message on WhatsApp from a self-described Singapore-based cryptocurrency investment expert offering a platform with high exchange rates and low fees.
- The fraudster also claimed the platform guaranteed withdrawals at any time, helping convince the victim to follow the investment instructions.
- Acting on those instructions, the man opened a crypto wallet, bought Tether (USDT) and Ether (ETH), and transferred them to designated wallets.
- Sing Tao reported he moved a total of HK$13 million from his bank account in 11 transfers between July 31 and September 2
- The case has been classified as obtaining property by deception, and is being investigated by the West Kowloon Regional Technology and Financial Crime Unit’s Team 3C
Why It Matters
The case shows how fraudsters combine unsolicited messaging, cryptocurrency transfers and fake apps to create a convincing illusion of profit while making recovery more difficult once assets are moved. Police said they received more than 40 investment scam reports in the past week, involving losses of more than HK$50 million, and urged the public not to reply to strangers, trust self-styled experts or download unknown investment apps.