A 66-year-old retiree in Hong Kong has lost approximately $840,000 after falling victim to three separate crypto-related scams within six months.
Authorities said the victim was repeatedly targeted by individuals posing as cryptocurrency investment experts offering unrealistic financial returns.
The case was disclosed by the Hong Kong Police Force’s CyberDefender unit in a public advisory issued on 20 March.
Investigators revealed that the initial contact occurred in September 2025 through an unsolicited message on WhatsApp.
The scammer claimed to be a “virtual currency investment expert” and promised consistent profits through guided trading strategies.
The victim transferred around $180,000 and sent cryptocurrency to a wallet controlled by the fraudster.
The suspect disappeared shortly after receiving the funds, prompting the victim to report the incident to authorities.
Police noted that scammers often exploit trust and desperation to repeatedly target the same individuals.
After the first loss, the victim sought help online and connected with another self-proclaimed recovery specialist.
This second individual demanded a $75,000 fee as a supposed security deposit to recover the stolen funds.
The victim complied with the payment, but the second scammer also vanished without delivering any results.
In January, a third scammer approached the retiree again through WhatsApp with another recovery proposal.
The suspect promised to retrieve all previous losses if the victim purchased $585,000 worth of cryptocurrency.
The victim followed the instructions and transferred the funds to a specified wallet address.
The third scammer disappeared after receiving the funds, completing the series of fraudulent schemes.
Authorities confirmed that the total losses reached approximately 6.6 million Hong Kong dollars over the six-month period.
“Life has no take two; but scams can have take three,”
The CyberDefender team said.
Police warned that legitimate professionals do not rely on unsolicited messages or guarantee investment returns.
Officials highlighted that phrases such as “guaranteed profits” and “insider information” are common warning signs of fraud.
The incident reflects a growing trend of crypto-related scams targeting vulnerable individuals worldwide.
Cybersecurity firm Hacken reported that Web3-related losses reached nearly $3.95 billion in 2025.
Authorities have also raised concerns about phishing attacks and fraudulent investment schemes linked to digital assets.
Recent cases include warnings from the FBI about fake tokens and ongoing investigations into large-scale crypto fraud operations.
Law enforcement agencies continue to urge the public to exercise caution and verify all investment opportunities before committing funds.