A 66-year-old Hong Kong retiree lost $840,000 in a series of three interconnected cryptocurrency scams after repeatedly trusting self-proclaimed 'virtual currency experts' who contacted him via WhatsApp.
In September 2025, the victim was approached by a scammer claiming to be an investment expert, promising steady gains. He transferred $180,000 and sent crypto to a wallet controlled by the fraudster, who then vanished.
Unwilling to accept the loss, the retiree sought another 'expert' online, paying $75,000 as a security deposit to recover funds-only for that individual to disappear.
In January 2026, a third scammer offered to reclaim both prior losses if the victim purchased $585,000 in crypto and sent it to a specified address. After compliance, the final scammer vanished.
Police warn that phrases like 'guaranteed returns' and 'inside information' are classic red flags. Genuine professionals do not use random outreach.
