Experienced Investor Loses HK$4 Million in Crypto Scam

Hong Kong Woman Loses HK$4 Million in Crypto Scam

A Hong Kong woman with over 10 years of virtual asset investment experience lost more than HK$4 million in a crypto scam using fraudulent Telegram customer service on July 19, 2025.

Hong Kong Police warn against using unofficial channels after an experienced investor loses HK$4 million in a crypto scam, raising concerns about online platforms’ security.

An Overview of the Incident

In a significant cybercrime incident, a Hong Kong woman who has a decade of experience in cryptocurrency investment was misled through fraudulent Telegram customer services. Despite familiarity with the environment, the victim fell for two separate scams, losing more than HK$4 million. The specifics regarding which virtual assets were compromised weren’t disclosed, although common coins such as ETH, BTC, or USDT might have been involved.

Authorities stressed using official communication channels to prevent similar scams.

“Always contact customer service through official channels and avoid clicking suspicious links or sharing account details.” – Hong Kong Police, Official Alert, Hong Kong Police Force

The case is part of a broader trend, with similar scams reportedly affecting over 100 Hong Kong residents. According to Inspector Yuen Ho-ting, efforts are ongoing to tackle scams that also targeted victims through recently exposed schemes like “DGCX Xin Kang Jia.”

No cryptocurrency market fluctuations were linked directly to this case, with the theft executed through identity impersonation. As such, there have been no immediate institutional policy changes reported by the Hong Kong Securities and Futures Commission. Major crypto influencers and developers have remained silent, while official alerts caution investors against unauthorized engagements, underlining the necessity of heightened vigilance. Authorities continue the investigation into crypto scam networks while advocating for secure engagement practices in the crypto community.

“Since the end of June 2025, the police have received reports … of cryptocurrency investment scams, most recently involving the fraudulent DGCX Xin Kang Jia platform, resulting in millions in losses.” – Inspector Yuen Ho-ting, New Territories North Major Crime Unit, Hong Kong Police Force