Hong Kong police warn of YouTube investment scams after man, 70s, loses HK$18 million
Hong Kong police received over 40 reports of online investment scams in a week, with total losses of nearly HK$50 million. A man in his 70s lost almost HK$18 million after responding to a YouTube ad and being lured into fake cryptocurrency investments.
Hong Kong police have warned the public about online investment scams after receiving more than 40 reports in the past week involving total losses of nearly HK$50 million. The largest single loss involved a man in his 70s who lost almost HK$18 million after falling for a YouTube advertisement.
The man was attracted by an investment advertisement on YouTube in June and left his contact details. A scammer posing as an "investment consultant" contacted him and added him to a WhatsApp group managed by a supposed "investment assistant," where members shared screenshots and messages about profiting from cryptocurrency.
Under the assistant's instructions, the man opened an account, transferred funds from his bank account to buy cryptocurrency, and traded based on tips provided. Two months later, the assistant introduced him to another fake investment platform claiming higher returns.
Between August and October, the man transferred more than HK$18 million worth of USDT and ETH from his crypto account to wallet addresses designated by the scammers. In early October, his son suspected something was wrong and alerted him. The man managed to withdraw about HK$800,000 worth of USDT at first, but the platform then refused further withdrawals under various pretexts, and he reported the case to police.
Police urged the public not to trust investment advertisements on social media or video platforms, nor strangers claiming to be investment consultants. They noted that most members claiming profits in chat groups are accomplices. Police also warned against transferring cryptocurrency to unknown wallet addresses, saying initial small successful withdrawals are a tactic to lure victims into investing more.
