Hong Kong Crypto Scam Wave Claims HK$6.6M from Retiree, Businessman Kidnapped for $680K Crypto

A string of crypto-related crimes has shaken Hong Kong's financial community, with a recent case involving a retiree who lost his entire life savings to serial scammers. The individual, aged 66, fell victim to three separate scams, each promising guaranteed profits or recovery services.

According to reports, the first incident occurred in September 2025 when the victim received a WhatsApp message from someone claiming to be a crypto investment expert. The scammer promised high returns and convinced the retiree to invest HK$1.4 million, which was then transferred to an unknown account. When the victim attempted to recover his stolen funds, he was targeted by another 'expert' who demanded a 600,000 yuan deposit for recovery services.

The third and final scam took place in January, where the victim was approached by yet another individual claiming to offer recovery services. This time, the scammers convinced him to purchase crypto worth 4.6 million yuan and transfer it to an unknown account. The police have since issued a warning against such scams, advising residents to be cautious when dealing with strangers offering investment advice or recovery services.