A Hong Kong man in his 70s lost more than HK$13 million after being drawn into a fraudulent cryptocurrency investment scheme that began with an unsolicited WhatsApp message, according to police.
Authorities said the scammer presented himself as a cryptocurrency investment expert from Singapore and persuaded the victim to use a fake trading application. The losses mounted after the app appeared to show steady profits, encouraging further transfers before withdrawal attempts began to fail.
Contact began on WhatsApp
Police said the case started when the man received a message from someone he did not know on WhatsApp. The sender claimed to be a crypto investment specialist based in Singapore and introduced what was described as a trading platform with favorable exchange rates, low fees and the ability to withdraw funds at any time.
The approach matched a familiar pattern in investment fraud cases, with the initial pitch focused on convenience and attractive terms rather than immediate pressure for a large payment. According to the police account, the victim was then guided step by step into setting up the tools needed to begin transferring crypto assets.
Victim bought USDT and ETH before sending funds
Following the instructions he received, the man opened a cryptocurrency wallet and purchased Tether and Ethereum. He was then told to download an investment app supplied by the scammer and move the crypto to wallet addresses designated as investment capital.
Police said the transfers were made to wallets specified by the fraudster, rather than to a verified platform independently chosen by the victim. At that stage, the app was presented as the place where the investments could be monitored and managed.
Fake profits kept the scheme going
After the transfers were completed, the application displayed what appeared to be ongoing gains. Seeing his balance increase inside the app, the victim became less suspicious and continued sending additional cryptocurrency to the wallets he had been given.
The deception only became apparent when he tried to take money out. Police said his withdrawal requests were blocked repeatedly under different pretexts, revealing that the supposed investment platform was not genuine. By the time he realized he had been defrauded, his losses had exceeded HK$13 million.
Police cite wider rise in similar scams
Hong Kong police disclosed the case through their CyberDefender social media page as part of a broader warning about investment scams. Authorities said they have recently received more than 40 reports of similar cases, with combined losses exceeding HK$50 million.
Police urged residents to be cautious about unsolicited investment advice and promises of large returns. They also warned against downloading investment applications from unknown sources and said platforms should be verified through official channels before any funds are transferred.
The confirmed next step from authorities is continued public warning and verification guidance, as this case is being used to highlight how fake apps can simulate profits and delay withdrawals to keep victims sending more money.
Source: crypto.news