A 66-year-old Hong Kong retiree lost 6.6 million Hong Kong dollars (roughly $840,000) in a string of three related crypto investment scams after repeatedly trusting self-proclaimed “virtual currency experts” who reached out via WhatsApp, according to Hong Kong police’s CyberDefender unit.
In a March 20 Facebook post, police said the victim was first approached in September 2025 by a scammer who contacted him unsolicited via WhatsApp, claiming to be a “virtual currency investment expert” and promising steady gains if he followed his advice.
The victim transferred $180,000 and deposited crypto into a wallet controlled by the scammer, who then disappeared, prompting a police report.
The case shows how fraudsters can recycle the same victim through successive schemes that start with “guaranteed profit” pitches and escalate into offers to recover funds that have already been stolen.
“Life has no take two; but scams can have take three,” the CyberDefender team wrote, warning that genuine professionals do not rely on random outreach and that phrases such as “guaranteed returns” and “inside information” are classic red flags.
**Related: **__How US investigators traced $61M in crypto tied to romance scams across wallets
_Hong Kong retiree loses $840,000 in triple crypto scam. Source: _CyberDefender
Triple “crypto expert” scam drains retiree’s savings
The victim later searched online for another “crypto expert” who claimed he could help recover the missing funds but demanded $75,000 as a security deposit.
_Related: _OpenClaw devs targeted by phishing scam promising free ‘CLAW’ tokens
In January, a third supposed specialist messaged the retiree on WhatsApp offering to reclaim both prior losses if the victim bought $585,000 in crypto and sent it to a specified address. Once the victim complied, that scammer disappeared as well, bringing the total losses over roughly six months to approximately $840,000.
Incident falls amid rising Web3 fraud
The case lands against a broader backdrop of mounting crypto-related crime. Web3 platforms saw about $3.95 billion in losses in 2025, with state-linked hackers and weak key security driving much of the damage, according to security firm Hacken.
Authorities worldwide have also flagged new waves of phishing and investment fraud, from the FBI’s recent warning over fake FBI tokens on Tron to India’s GainBitcoin probe and US efforts to forfeit $3.4 million in Tether tied to a multi-state investment scam.
Magazine: Influencers shilling memecoin scams face severe legal consequences
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
- #Cryptocurrencies
- #Fraud
- #Hong Kong
- #Scams
- #Social Engineering
- #Scams & Cybercrime
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
OpenClaw v2026.3.22 version omits critical files, and upgrading may cause the console interface to disappear
Gate News reports that on March 23, according to community feedback, the OpenClaw npm package version v2026.3.22 was missing the dist/control-ui directory files at release, which may cause the console interface to disappear after users upgrade. Currently, community members have proposed a fix, but the security of this solution has not yet been officially verified.
GateNews47m ago
Resolv Hack Mints $80M Fake USR, Triggers Market Chaos
A security breach at Resolv Labs allowed attackers to mint 80 million uncollateralized USR stablecoins, causing a price collapse and market instability. Resolv paused contracts, burned illicit tokens, and confirmed $141 million in secure collateral.
CryptoFrontNews2h ago
Resolv USR Exploit Triggers 50M Mint and Sharp Depeg
Resolv Labs faced a security breach where attackers minted 50M unbacked USR tokens, causing a rapid sell-off that depegged USR. Recovery efforts are ongoing, with losses estimated at $25M, while protocol operations remain paused.
CryptoFrontNews4h ago
Resolv Stablecoin Collapses 80% After $23M Exploit
Resolv Labs’ stablecoin USR has crashed hard. The token lost about 80% of its value after a major exploit. The attack took place on March 22. Within hours, USR dropped from near $1 to as low as $0.20. At one point, it even fell lower on some platforms. The attacker used a small amount of funds to
Coinfomania5h ago
