According to ChainCatcher, citing a report from Caixin, virtual currency investment scams originating in mainland China have spread to Hong Kong, with at least 118 people falling victim and total losses amounting to approximately HKD 3.2 million.
The Hong Kong police revealed that on July 15, four local Hong Kong residents were arrested on charges of "conspiracy to defraud." They are suspected of organizing promotional dinners for the mainland virtual currency scam, recruiting victims and collecting fraudulent funds totaling HKD 3.89 million. Except for a small amount that was withdrawn, about HKD 3.2 million has yet to be recovered.