Hong Kong Retiree Loses Fortune in Repeated Crypto Scams

A recent case in Hong Kong has brought attention to a common tactic used by crypto scammers: targeting the same victim multiple times.

The 66-year-old retiree lost HK$6.6 million ($840,000) after falling prey to three consecutive scams, each promising steady returns or recovery of previous losses.

The first scammer contacted the victim through WhatsApp, claiming to be a 'virtual currency investment expert' and offering guaranteed returns.

After reporting the incident to police, the victim sought help online and was contacted by another self-described expert who claimed he could recover the lost funds. This second scam required a HK$75,000 'security deposit,' which was also never recovered.

The third scammer promised to recover both prior losses but instructed the victim to purchase $585,000 worth of cryptocurrency and transfer it to a specified address, marking the final stage of the scheme.

Authorities warn that this pattern of repeated targeting is a common tactic used by scammers, who treat victims who have already transferred funds as high-probability targets for follow-up operations.