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

A Hong Kong man in his 70s has lost more than HK$13 million ($1.67 million) after a self-described cryptocurrency investment expert contacted him through WhatsApp and directed him to a fake trading app.

Hong Kong police said the case was among more than 40 investment scams recently reported to authorities, with victims losing a combined total exceeding HK$50 million.

The latest case began when the elderly man received an unsolicited WhatsApp message from someone claiming to be a cryptocurrency investment expert from Singapore. The person introduced him to what was presented as a crypto platform offering favorable exchange rates, low fees and withdrawals at any time.

Following the instructions he received, the man opened a cryptocurrency wallet and purchased Tether (USDT) and Ethereum (ETH). He was then told to download an investment application supplied by the scammer and transfer the cryptocurrency to designated wallet addresses as investment capital.

Fake crypto investment app showed profits before withdrawals failed

Once the funds had been transferred, the fraudulent application displayed what appeared to be continuing investment profits, according to police.

Seeing his account balance rise inside the app, the victim became less suspicious and continued sending more cryptocurrency to the wallets provided by the scammer. The fraud only became clear when he tried to withdraw his funds and was repeatedly prevented from doing so under different pretexts.

By the time the victim realized the investment platform was fraudulent, his losses had exceeded HK$13 million.

Police disclosed the case through their CyberDefender social media page while warning residents against unsolicited investment advice and promises of large profits. Authorities urged investors not to download investment applications from unknown sources and to verify platforms through official channels before transferring funds.

The case follows another incident involving a Hong Kong retiree who was targeted through a similar approach earlier this year. In March, crypto.news previously reported that a 66-year-old retired man lost HK$6.6 million across three cryptocurrency scams after fraudsters approached him while posing as investment experts.

One of the schemes began with a WhatsApp message in September 2025. The victim was directed toward cryptocurrency investments and ultimately lost his savings after transferring funds under the scammers’ instructions.

Hong Kong crypto scams have used fake platforms to build trust

Fake balances and apparent investment returns have surfaced repeatedly in crypto fraud cases in Hong Kong.

In August, a woman in the city reportedly lost around $3.3 million after an online romantic partner directed her to a fraudulent crypto platform. The platform displayed supposed returns of more than 800% before withdrawals were blocked.

Hong Kong authorities recorded 25 romance-linked investment fraud cases during the week ending July 30, with combined reported losses approaching $9 million.

A separate investigation into the Fun Coffee investment scheme has involved a larger group of victims. By Aug. 6, police had received 255 reports connected to the Fun Coffee crypto scam, with reported losses reaching approximately HK$104 million.

Participants in the scheme were instructed to download an application, register accounts and transfer cryptocurrency, primarily USDT, to designated wallet addresses. Investors were offered different deposit plans carrying advertised annual returns of roughly 197% to 278%, according to police analysis.

Some users were initially able to withdraw small amounts, which investigators said reduced suspicion and encouraged larger deposits. Withdrawals stopped after the application ceased operating on July 20, while customer service channels stopped responding.

USDT remains common in investment scam payments

USDT has frequently appeared in crypto investment fraud because victims can be instructed to buy the stablecoin before transferring it directly to wallets controlled by scammers.

A Sept. 4 analysis from the U.S. Treasury’s Financial Crimes Enforcement Network linked approximately $12.7 billion in suspicious financial activity to digital asset investment scams largely associated with overseas scam compounds.

FinCEN reviewed 33,904 Bank Secrecy Act reports filed between September 2023 and December 2025. Money services businesses, most of them cryptocurrency companies, accounted for 55% of the reports and identified $5.5 billion in suspicious activity, while banks reported another $6.4 billion.

The agency found that scammers used at least 22 digital assets. Proceeds were commonly converted into stablecoins and almost exclusively into USDT before being transferred through decentralized finance protocols or overseas exchanges.

Hong Kong authorities have meanwhile continued warning residents about fraudulent websites and applications designed to imitate legitimate financial services. In July, Hong Kong Interbank Clearing Limited identified counterfeit websites using virtual wallets and cash reward offers to obtain users’ personal and banking information.

The fraudulent sites falsely presented themselves as connected to official services and attempted to persuade users to complete purported identity verification procedures. HKICL said the websites had no connection to the clearing company.

Police, in their latest warning, told residents not to trust people presenting themselves as investment experts with supposed methods for generating large profits. Investors were advised to avoid unknown investment applications and confirm a platform’s authenticity through official sources before committing funds.