Elderly Hong Kong man loses HK$13 million in fake crypto investment app scam

Hong Kong police disclosed that a man in his 70s was defrauded of over HK$13 million after an individual posing as a cryptocurrency investment expert from Singapore contacted him via WhatsApp and guided him to a fraudulent investment application.

How the scam unfolded

The victim was introduced to a purported crypto platform that promised favorable exchange rates, low fees and unrestricted withdrawals. Following the instructions, he opened a cryptocurrency wallet, purchased Tether (USDT) and Ethereum (ETH), and downloaded a custom investment app supplied by the scammer.

He transferred the purchased assets to wallet addresses specified by the fraudster. The fake app displayed apparent investment profits, encouraging the victim to send additional funds. The deception became apparent only when withdrawal requests were repeatedly rejected.

Police warning and broader context

Police highlighted that this case is among more than 40 recent investment‑scam reports, with combined losses exceeding HK$50 million. Authorities urged the public to avoid unsolicited investment advice, not to download applications from unknown sources, and to verify platforms through official channels before transferring any funds.

Related scams in Hong Kong

• A 66‑year‑old retiree lost HK$6.6 million in three crypto scams earlier this year.
• A woman reportedly lost around $3.3 million after a romantic partner directed her to a fraudulent platform promising 800 % returns.
• The “Fun Coffee” scheme attracted 255 victims, with reported losses of about HK$104 million.

USDT has frequently been used in such scams, as victims are asked to purchase the stablecoin before sending it to scammers’ wallets.