Victims Lost Nearly $30M in Crypto Crime : Report On Hong Kong

According to reports, Hong Kong’s citizens are facing huge crypto scams. In The first six months, Hong Kong’s citizens lost around $30 million.

On one side crypto assets are a mainstream to get self-employed but on the other side few people take advantage of the features of crypto to deceive people. A report claimed that Hong Kong is faced huge crypto crimes in the first half of 2021.

According to a report by the South China Morning Post, the level of crypto crimes are increasing tremendously since the beginning of the year 2021. A significant boost can be seen in the surge of virtual crypto crime rate in the first 6 months & it reached around $27 million lost by the victims of these crimes. 

If we consider last year’s cases, then we will find that people losts only around $17 million of funds. So how much crypto scams are increasing can be estimated easily.

According to Hong Kong police records, there are 496 Cryptocurrency crime cases which are on record. And in this record loss is around $27 million, while one of the people lost $16 million individually. 

According to Hong Kong police, in the Covid-19 pandemic situation people were sitting at home and it was easy for fraudsters to bring people in their fraud net. 

“People have also been staying at home more, which means they spend longer on the internet, so scammers have more avenues to approach them online.”

Lester Ip Cheuk-yu – Chief Inspector and head of the police’s cybersecurity and technology crime bureau, Hong Kong 

Probably these crimes are the reasons which are responsible for the retailer crypto trading ban in Hong Kong by Feb 2021. Read the full report here.

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