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Online crypto fraud: 2 seniors lose over a million

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If something seems too good to be true, it often is. Caution is an important requirement in the world of crypto, as there are many ways in which you can be scammed. Doing your own research and using common sense are basic principles that can save you a lot of trouble. For example, recently you could read in the crypto news that a Scottish woman lost a total of $ 190,000 in crypto because she was a little too gullible and entrusted the funds to the wrong person. This time it hits again and two seniors from Hong Kong are the victims.

Crypto scam: more than $1 million was stolen

The two residents from Hong lost combined totaling more than $1.2 million (HK$10 million) in two separate cases.

In one case, a 66-year-old businesswoman was scammed via WhatsApp. Posing as a crypto expert, the scammer advised her to invest in Tether (USDT) with the promise of substantial returns.

According to police investigations, the victim gave her personal details to the scammers by filling out an online form that the “expert” said was required for the final payout of the winnings.

To gain her trust, the scammers initially gave her $9,500 (HK$75,000) and then stole USDT590,000 (HK$4.6 million).

The other victim was a 71-year-old man who lost $656,000 (HK$5,150,000) after downloading a fake trading platform to invest in Chinese stocks. The individual discovered that he had been scammed when he was unable to access the platform to withdraw his funds.

Online fraud is on the rise

The Hong Kong police have indicated that this type of fraud is on the rise. The number of reported cases of this type of fraud has increased by no less than 92% in 2022 compared to the previous year.

Hong Kong now has an application launched called ‘Scameter’ to help users determine the risk of fraud.

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