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Losses From Cryptocurrency Scams Double to HK$1.7 Billion in Hong Kong Last Year, With 67 per Cent Spike in Cases

Financial losses from cryptocurrency-related scams doubled to more than HK$1.7 billion (US$216.6 million) in Hong Kong last year, as the number of victims tricked into funnelling digital assets to online swindlers jumped 67 per cent.

Latest police figures showed the scams accounted for more than half of the HK$3.2 billion conned out of city residents, as well as some victims living abroad, in nearly 23,000 reports of technology crimes last year.

According to the force, 2,336 cryptocurrency-related scams were reported in Hong Kong last year – a 67 per cent rise from 1,397 cases logged in 2021. The cases involved about HK$1.7 billion in funds, a 106 per cent increase from the year before.

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