Man lost HK$2 million in virtual currency trading scam

At 3:53 pm on Thursday (23rd), Hong Kong law enforcement received a report from a man surnamed Zhang (36 years old), stating that he had met a suspicious man on social media who claimed to be a cryptocurrency investor. The suspect provided his electronic wallet account information to the man, and claimed that a buyer surnamed Liao (35 years old) would represent him in the transaction to purchase cryptocurrency through Zhang. The three parties went to a shop at No. 56 Junye Street, Kwun Tong, and first conducted a small amount of cryptocurrency transaction. After the man transferred the cryptocurrency to the suspect's electronic wallet, the suspect then transferred the money to Liao's electronic wallet to create the illusion of a reliable transaction. Afterwards, Liao handed over about HKD 2 million in cash to the man to buy cryptocurrency, but after the man deposited the cryptocurrency into the suspect's electronic wallet, he disappeared and Liao was unable to retrieve the funds. In the case, Liao lost about HKD 2 million, and Zhang did not receive a commission of about HKD 3,000. After investigation, law enforcement classified the case as "obtaining property by deception" and no one has been arrested yet. Law enforcement calls on citizens to use reliable intermediary platforms, understand the background and credibility of the trading partners, and use double verification on the trading platform before conducting cryptocurrency transactions.