Hong Kong Police Warn of Cryptocurrency Scam Involving AI Trading Claims

Hong Kong police have disclosed a cryptocurrency scam involving claims of 'AI quantitative trading,' which led to a woman losing approximately HKD 7.7 million. According to ChainCatcher, the fraudsters posed as 'investment experts' and contacted the victim via Telegram, promising stable high returns through 'quantitative trading' and 'AI algorithms.' The victim transferred USDT and ETH worth about HKD 7.7 million to specified addresses over 17 transactions. She realized she had been scammed when her withdrawal attempts were denied. The Hong Kong police caution that while cryptocurrencies have the potential for high returns, they also come with high volatility and risk. They warn the public to be wary of scams that promise high returns, low risk, and low entry barriers, often referred to as the 'impossible triangle' trap.