Hong Kong Elderly Man Defrauded in Cryptocurrency Exchange Scam

According to Foresight News, a 77-year-old man in Hong Kong was defrauded of approximately HKD 2.92 million during a cryptocurrency transaction on August 25. The incident occurred at a virtual currency exchange shop on Jervois Street in Sheung Wan. The elderly man brought HKD 3 million in cash to purchase stablecoins. Two male employees placed the cash in a specially designed safe and then left the shop under false pretenses. They subsequently opened the back of the safe outside the shop and stole the cash. To delay the victim, they transferred about HKD 78,000 worth of stablecoins to the woman's electronic wallet. Realizing he had been deceived after waiting for the employees to return, the man reported the incident to the police. Authorities reviewed CCTV footage, including images from the Sharp Eyes program, and conducted a thorough investigation and intelligence analysis. Within three days of the incident, police arrested three suspects, including both men and women, and recovered part of the stolen funds.