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Hong Kong's Crypto Scam Losses Doubled to $217 Million Last Year: Report

Published on

March 7, 2023
Read Time:1 Minute, 47 Second

Some international locations all over the world suffered main monetary losses from cryptocurrency scams regardless of a large bear market in 2022.

Losses from crypto scams in Hong Kong totaled HK$1.7 billion (US$216.6 million) final yr, up 106% year-on-year, based on native police.

The variety of crypto-related scams reported in Hong Kong in 2022 totaled 2,336 circumstances, up 67% from 1,397 circumstances registered by police in 2021, based on the South China Morning Put up reported.

Hong Kong crypto scams accounted for greater than 50% of the overall HK$3.2 billion ($407 million) stolen from metropolis residents in tech crimes, based on official information from the Hong Kong Police Division's CyberDefender web site. On-line scammers for the previous 4 years bagged an identical sum of money, or about HKD 3 billion per yr.

The full variety of expertise crimes in 2022 led to just about 23,000 reported circumstances.

Tech crime figures in Hong Kong. Supply: Hong Kong Police Drive CyberDefender web site

In response to SCMP sources, police noticed an rising use of cryptocurrency as a medium for on-line fraud, with scammers having the ability to conceal their identities, transaction circulate and supreme vacation spot. The usage of crypto in on-line crime has made monitoring felony funds for enforcement extra difficult, an insider reportedly stated.

Drive's Cybersecurity and Technological Crime Bureau additionally shared some observations on a typical crypto-related scammer, describing such scammers as pretending to be extremely skilled in investing in crypto belongings, treasured metals, or foreign exchange merchandise. Such people usually lure victims into putting in fraudulent funding apps that present pretend transactions and returns, police stated.

Associated: Binance launches anti-scam marketing campaign after pilot in Hong Kong

The report comes at a time when the Hong Kong authorities is more and more involved with creating cryptocurrency infrastructure, distinguishing its strategy to crypto regulation from China's blanket crypto ban enforced in 2021. In February, the Hong Kong Securities and Futures Fee requested public suggestions on the proposed new crypto change licensing regime to take impact from June 2023.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : March 7, 2023
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