Hong Kong police crack down on cryptocurrency investment scam, 118 victims lose HK$3.20 million

According to Caixin, virtual currency investment scams on the mainland have spread to Hong Kong, with at least 118 people falling victim to the scams, resulting in a total loss of approximately HK$3.20 million. Hong Kong police revealed that on July 15, four local Hong Kong residents were arrested for "conspiracy to defraud." They are suspected of organizing promotional dinners for mainland virtual currency scams, recruiting victims, and collecting fraudulent funds of HK$3.89 million. Except for a small amount of funds that were withdrawn, the remaining approximately HK$3.20 million has not yet been recovered. [Wu Blockchain]