Hong Kong police are investigating a HK$21.4 million cryptocurrency scam; no arrests have been made so far.

Hong Kong police have received a report from a victim who claimed to have been invited to invest in cryptocurrency through a trading platform. Between August and December last year, the victim invested approximately HK$21.4 million in cryptocurrency, but was subsequently unable to withdraw funds, suspecting fraud. It is understood that the Hong Kong police have launched an investigation through the Fifth Team of the Tseung Kwan O District Criminal Investigation Team and classified the case as "obtaining property by deception." No arrests have been made so far. The police also remind the public to be wary of any investment projects claiming high returns and not to easily believe insider information disseminated on social media platforms. Before investing in virtual products, investors should fully understand the characteristics of the relevant products and the information security risks involved. (Hong Kong Wen Wei Po)