Hong Kong's Tech Crime Division said it received a complaint from a 35-year-old local resident. The man claimed to have sold USDT stablecoins worth about HK $ 1 million ($128,230) at the Tsim Sha Tsui exchange. And was deceived.
The exchange staff convinced the user to transfer USDT to the specified cryptocurrency address, but they did not fulfill their obligations. After receiving the stablecoins, the employees fled, leaving the victim empty-handed.
During a search of the exchange office, police found a safe and so-called "infernal banknotes" used in traditional Chinese rituals as offerings to ancestors and deities. Three employees were detained.
In this particular region of China, fraud is punishable by up to 14 years in prison. Those charged with fraudulently misappropriating property face up to 10 years in prison.
Recently, Hong Kong authorities rescued a 19-year-old teenager who was promised a crypto exchange by unknown people and lured to a confidential meeting. Upon arriving at the hotel, the criminals threatened to demand $180,000 Hong Kong dollars ($23,000) as a reward from the cryptocurrency transaction. Also recently, a 46-year-old housewife lost 7.1 million Hong Kong dollars ($908,000) after following the instructions of scammers who sent her a link to a fake trading platform.
The exchange staff convinced the user to transfer USDT to the specified cryptocurrency address, but they did not fulfill their obligations. After receiving the stablecoins, the employees fled, leaving the victim empty-handed.
During a search of the exchange office, police found a safe and so-called "infernal banknotes" used in traditional Chinese rituals as offerings to ancestors and deities. Three employees were detained.
In this particular region of China, fraud is punishable by up to 14 years in prison. Those charged with fraudulently misappropriating property face up to 10 years in prison.
Recently, Hong Kong authorities rescued a 19-year-old teenager who was promised a crypto exchange by unknown people and lured to a confidential meeting. Upon arriving at the hotel, the criminals threatened to demand $180,000 Hong Kong dollars ($23,000) as a reward from the cryptocurrency transaction. Also recently, a 46-year-old housewife lost 7.1 million Hong Kong dollars ($908,000) after following the instructions of scammers who sent her a link to a fake trading platform.
