Crypto Accounts For 70% of Online Scams In Hong Kong

January 04, 2023 Story: Divya Sinha

As per RTHK, a public broadcaster, cited a police press release which details that Hong Kong police receives 1,503 complaints about online investment fraud in the first 10 months of 2022.

Of these, 1,035 were related to cryptocurrencies, accounting for 69% of the total.

To distinguish the trustworthiness of a platform, police remind investors that they can use search engines and domain name tools to see how long a platform has been around.

Also, it adds that customer service staff of cryptocurrency exchanges do not ask customers to transfer money to their personal bank accounts.

Hong Kong has re-established itself as a global hub for digital assets by easing restrictions on retail investment in cryptocurrencies and drafting regulations for licensed cryptocurrency exchanges.

Hong Kong Police have also launched Scameter, an anti-fraud application service in September 2022.

Also, two executives of defunct Hong Kong-based cryptocurrency exchange AAX were arrested on suspicion of involvement in cryptocurrency fraud in December 2022.

[{"selector":"#anim-2db46c78-417e-48b6-8406-9222179ec518","keyframes":{"transform":["translate3d(337.49995%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-f6c316f0-7be7-4119-b946-89141a7cb293","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Read More Stories