Hong Kong police began investigating the activities of the Hounax cryptocurrency platform, receiving complaints from 131 people, whose total losses amounted to 120 million Hong Kong dollars (about $15.4 million).
According to police, the alleged scammers communicated with the affected users via social networks and WhatsApp messenger, offering them to join group chats on cryptocurrency investments. The investigation revealed that the Hounax platform is operated by a Singapore-based company, and began operating in early 2023.
The Hong Kong Securities and Futures Commission (SFC) has added Hounax to its list of suspicious virtual asset trading platforms. The agency claims that the alleged scammers posed as investment experts and convinced people to invest in crypto assets through the Hounax platform, promising them high profits.
Hong Kong police received complaints from 131 people whose losses totaled $15.4 million. The youngest investor was 19 years old, and the oldest — 78. Most of the money lost 69-year-old pensioner, losing 12 million Hong Kong dollars (about $1.5 million).
Initially, the victims saw the profit on their investment account in the platform's merchant profile. However, as stated by law enforcement officers, cash charges turned out to be meaningless figures drawn to gain the trust of investors. In fact, when investors transferred funds to the platform, the money immediately ended up in the hands of intruders, according to local police.
According to the victims complaints, when trying to withdraw funds, the platform's "investment managers" rejected their requests under various pretexts or charged them a commission for "verification" in the amount of up to 80% of the withdrawal amount, referring to certain requirements of the international antimonopoly service. Even when the victims paid the commission, they did not manage to return the money invested: investment managers "evaporated", and users were simply excluded from the group chat.
The police said that arrests will be made soon, and demanded that telecommunications companies and social networks block the platform's website and associated accounts. Law enforcement officers urged the public to remain vigilant and avoid offers that promise fast and high profits with minimal risk.
According to police, the alleged scammers communicated with the affected users via social networks and WhatsApp messenger, offering them to join group chats on cryptocurrency investments. The investigation revealed that the Hounax platform is operated by a Singapore-based company, and began operating in early 2023.
The Hong Kong Securities and Futures Commission (SFC) has added Hounax to its list of suspicious virtual asset trading platforms. The agency claims that the alleged scammers posed as investment experts and convinced people to invest in crypto assets through the Hounax platform, promising them high profits.
Hong Kong police received complaints from 131 people whose losses totaled $15.4 million. The youngest investor was 19 years old, and the oldest — 78. Most of the money lost 69-year-old pensioner, losing 12 million Hong Kong dollars (about $1.5 million).
Initially, the victims saw the profit on their investment account in the platform's merchant profile. However, as stated by law enforcement officers, cash charges turned out to be meaningless figures drawn to gain the trust of investors. In fact, when investors transferred funds to the platform, the money immediately ended up in the hands of intruders, according to local police.
According to the victims complaints, when trying to withdraw funds, the platform's "investment managers" rejected their requests under various pretexts or charged them a commission for "verification" in the amount of up to 80% of the withdrawal amount, referring to certain requirements of the international antimonopoly service. Even when the victims paid the commission, they did not manage to return the money invested: investment managers "evaporated", and users were simply excluded from the group chat.
The police said that arrests will be made soon, and demanded that telecommunications companies and social networks block the platform's website and associated accounts. Law enforcement officers urged the public to remain vigilant and avoid offers that promise fast and high profits with minimal risk.
