Hong Kong police are on the hunt for a group of scammers who conned a victim out of HK $1 million in Tether during an over-the-counter exchange. The victim was lured to a shop in Tsim Sha Tsui after seeing an Instagram ad offering high exchange rates. The scammer impersonated a shop employee and offered fake bank notes in exchange for Tether, before disappearing with the victim's money. This incident is part of a series of crypto scams in Hong Kong, which has recently implemented licensing laws for crypto operators in an attempt to standardize the industry.