Man Vanishes With Woman's Crypto, _ing Police Investigation in Hong Kong

A Hong Kong woman lost $12K in a crypto exchange scam after waiting hours for a promised cash handoff that never arrived.

Hong Kong Woman Scammed in Crypto Exchange Scheme

Hong Kong authorities are investigating a cryptocurrency scam reported by a woman at an exchange shop in Mong Kok on Saturday, where she claimed to have lost about HK$93,000 ($12,000) in tether (USDT). According to the South China Morning Post, the 26-year-old victim had been approached by a man online who promised he could facilitate a cash exchange for her digital assets. She arranged to meet him at a designated store, where she sent 12,000 USDT — valued around HK$93,660 — to a specified wallet.

The man allegedly instructed her to wait at the shop until his associate arrived with the cash. After waiting for more than two hours without anyone appearing, the woman reached out to law enforcement. The incident has been categorized by police as a case of “obtaining property by deception.” Investigators with the Mong Kok district crime division have taken charge of the case and are searching for a man, described as roughly 30 years old, heavyset, and around 1.8 meters tall.

The victim told local media she had been following the cryptocurrency shop’s social media account since August to gauge its legitimacy, ultimately deciding to proceed with the transaction. She was quoted as saying:

Because there are too many scammers out there, I decided to wait and see. I came down today to try the transaction, but as it turns out, it was just a scam.

After the incident, the woman contacted the company associated with the social media account and learned that they had no affiliation with the store in question.