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Points of Focus
- A Hong Kong man in his 70s lost HK$13 million ($1.67 million) to a fake crypto investment app.
- He sent USDT and ETH in 11 transfers to four scam-controlled wallets.
- Hong Kong logged 2,151 investment scams and HK$1.65 billion in losses in H1 2026.
A Hong Kong man in his 70s lost more than HK$13 million ($1.67 million) after a self-described crypto expert contacted him on WhatsApp and directed him to a fake investment app showing fabricated profits. The victim kept sending real USDT and ETH while the platform displayed gains he was later unable to withdraw.
Fake crypto app drove 11 transfers to four wallets
According to a local report, the scam began with an unsolicited WhatsApp message from someone claiming to be a Singapore-based cryptocurrency investment expert. The person promoted a platform offering favorable exchange rates, low fees and withdrawals at any time.
The victim opened a crypto wallet, bought Tether and Ether, then downloaded an investment app provided by the scammer. From late July through early September, he made 11 transfers to four crypto wallets controlled by the scammers. As the fake platform continued to show profits, he added more funds.
He discovered the fraud when he tried to withdraw his money. The scammers repeatedly rejected his requests with different excuses, leaving the balance and profits shown inside the app inaccessible.
The fake account balance was key to keeping the victim engaged. His real crypto had been transferred to external wallets while the app continued to display apparent investment gains. The public report did not name the app or disclose the four wallet addresses, preventing independent tracing of the funds.
Hong Kong fraud losses stay high despite fewer cases
The tactic follows patterns Hong Kong regulators have flagged before. The Securities and Futures Commission has warned that suspicious crypto platforms may recruit investors through social media or messaging apps before restricting withdrawals. Police also operate Scameter, which lets users check suspicious URLs, platform accounts, phone numbers and payment details.
Hong Kong police said they received more than 40 investment-scam reports over the past week, with combined losses exceeding HK$50 million.
The latest case comes as the number of investment scams has fallen but losses remain high. Hong Kong recorded 2,151 cases in the first half of 2026, down 14.8% from 2,525 a year earlier. Reported losses still reached HK$1.65 billion during the six-month period.
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