Mar 07, 2023
Crypto Scams Surge in Hong Kong, Losses Reach $407M
Cryptocurrency scams have caused significant financial losses in Hong Kong, with the total amount of money stolen reaching 3.2 billion Hong Kong dollars ($407 million) in 2022. This figure is a 67% increase from the 1.7 billion HKD ($216.6 million) that was lost in 2021.
According to the Hong Kong police CyberDefender website, over 50% of the total losses were due to crypto-related scams. This is a sharp increase from the previous four years, when online scammers bagged a similar amount of money, amounting to 3 billion HKD per year.
The South China Morning Post reported that crypto-related scams accounted for 2,336 cases, making up a total of 23,000 reported technology crime cases in 2022.
The police have observed that fraudsters are increasingly using cryptocurrency as a means to hide their identities, transaction flow and final destination, making it difficult to track the criminal funds.
These fraudsters often pretend to be experienced investors in crypto assets, precious metals or foreign exchange products, luring victims into installing fraudulent investment applications with fake transactions and returns.
The Hong Kong government is becoming increasingly engaged with the development of cryptocurrency infrastructure, distinguishing its crypto regulation approach from China’s blanket crypto ban enforced in 2021. In February, the Securities and Futures Commission issued a call for public feedback on the newly proposed licensing regime for crypto exchanges set to take effect from June 2023.
As the crypto market continues to grow, it is important to stay vigilant and protect yourself from scams. If you are considering investing in cryptocurrency, it is important to do your research, understand the risks, and only invest what you can afford to lose.
It is also important to be aware of the various scams that are out there. Make sure to be wary of anyone claiming to be an experienced investor and offering you investment opportunities, as well as any suspicious investment applications.
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Finally, if you are looking to sell your NFTs, make sure to do your due diligence and research the platform you are using. Ensure that the platform is reputable, secure and offers the features you need to successfully sell your NFTs.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.