Hong Kong Police Report HKD 3.5 Billion in Fraud Losses in Six Months, Cryptocurrency Case Involves HKD 84 Million Losses

The Hong Kong police announced that in the first half of this year, a total of 20,613 various types of fraud cases were recorded, involving total losses of approximately HKD 3.5 billion. Among these, investment fraud cases accounted for 2,151, making up about one-tenth of all fraud cases, resulting in losses as high as HKD 1.66 billion. One investment fraud case involving cryptocurrency resulted in losses of about HKD 84 million, where victims were lured into investing and transferring cryptocurrency into an electronic wallet provided by the fraudsters, only to discover they had been scammed when they could not withdraw their assets. The police also updated the progress of the virtual asset fraud case involving JPEX, which is still under investigation, with approximately 2,800 victims and losses amounting to about HKD 1.6 billion. Since 2023, law enforcement agencies have arrested 81 individuals, of whom 29 have been charged with conspiracy to commit fraud, money laundering, and obstructing justice.

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