Hong Kong investors lose $217m in crypto scams

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Updated March 8, 2023 | Published March 8, 2023

2 mins read

Victims of investment scams in Hong Kong lost more than $400m in 2022, with more than half crypto related.

Hong Kong residents are reported to have lost at least $217.6m to crypto scams in 2022, marking a 106% increase from the previous year.

The figures were based on local police data and reported by the South China Morning Post.

Crypto scams in Hong Kong reached an all-time high of 2,336 in 2022, up 67% from the 1,397 cases that were recorded in 2021.

The news comes as no surprise as crypto scammers globally have continued to target investors and victims, from Egypt, the US, Australia, and well beyond.

In total, crypto scams accounted for half of the $407m stolen in tech scams from Hong Kong residents last year.

There were 23,000 technology related crimes reported in 2022. According to the police, crypto has made it significantly harder to track tech crime, as digital assets make it easier to obfuscate the source of the funds.

Many people are lured by criminals and asked to install fraudulent investment applications which either hack into victims’ existing wallets or serve as a gateway to facilitate the scam.

Meanwhile, Hong Kong’s Securities and Futures Commission is asking the public to weigh in and offer its thoughts on crypto exchanges and the new rules that the city will be rolling out in June 2023.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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