Hong Kong police have arrested 19 suspects in a $1.4 million cryptocurrency scam, which involved about 170 victims globally. Police pointed out that they seized 9 computers, 128 smartphones, cash worth HKD 1.4 million, HKD 50,000 in cryptocurrency and a sports car.
The scam affected people from all over the world, including Taiwan, China, the UK and Hong Kong. Investigators revealed that one victim lost up to HKD 760,000.
Social Media Marketing to Scam People
The arrested are 11 men and 8 women, aged 18 to 31 years among them the leader of the group, along with technicians, managers and promoters.
The organization hired influencers on social media to lure victims by advertising cash earnings, yachts and sports cars.
Victims were pressured to transfer a sum of money behind in mirage of fake investments into the wallets and bank accounts and bank accounts of the scammers. In addition, the victims were asked to install apps developed by the scammers to transfer the investment amount and these apps also showed the investment earnings; it was precisely the need to withdraw these earnings that led the victims to discover the scam.
The investigation continues and investigators do not rule out new developments and arrests.
Cryptocurrency scams are increasing rapidly, only last month Hong Kong police arrested four people for laundering $150 million through bank accounts in Singapore over 15 months.
