Hong Kong retiree loses $840K in triple crypto expert scam
A 66-year-old Hong Kong retiree lost 6.6 million Hong Kong dollars (approximately $840,000) across three cryptocurrency investment scams over roughly six months after engaging with self-described “virtual currency experts” on WhatsApp, according to the Hong Kong Police Force’s CyberDefender unit.
In a March 20 Facebook update, police said the victim was first contacted in September 2025 by an individual who cold messaged, presented himself as a “virtual currency investment expert,” and promised steady returns if the retiree followed his advice.
Triple “crypto expert” scheme depletes retiree’s funds
The retiree transferred $180,000 and deposited cryptocurrency into a wallet controlled by the scammer, who then disappeared. The victim subsequently filed a police report.
Still seeking to recover the loss, the victim later found another purported “crypto expert” online who claimed he could retrieve the missing funds but requested a $75,000 security deposit. After the payment was made, that individual also vanished.
In January, a third alleged specialist contacted the retiree on WhatsApp, offering to reclaim both prior losses if the victim purchased $585,000 in cryptocurrency and transferred it to a specified address. After the transfer, the contact again disappeared, bringing total losses over about six months to approximately $840,000.
CyberDefender warned that legitimate professionals do not rely on unsolicited outreach and that phrases such as “guaranteed returns” and claims of “inside information” are common red flags. The unit noted that victims can be targeted repeatedly with follow-up recovery scams.
Case emerges amid increasing Web3-related fraud
Web3 platforms experienced about $3.95 billion in losses in 2025, driven in part by state-linked threat actors and weak key security, according to cybersecurity firm Hacken.
Authorities globally have also reported new waves of phishing and investment schemes, including the FBI’s warning about fake FBI-themed tokens on Tron, India’s GainBitcoin investigation, and U.S. efforts to forfeit $3.4 million in Tether connected to a multi-state investment fraud.
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