• Hong Kong authorities have detained 25 women and men.
• The group is believed to be liable for 39 cryptocurrency fraud instances.
• 23 males and 16 girls, ranging in age from 19 to 72, misplaced roughly $1 million to those scammers.

Hong Kong police have arrested 25 women and men concerned in cryptocurrency fraud and cash laundering. In response to authorities, digital asset fraud accounts for 7% of all fraud instances in China's Particular Administrative Areas (SAR).

In response to the report, the Huang Taisen District Crime Bureau carried out a crackdown operation codenamed “Lian Dou” from September nineteenth to twenty sixth. On account of this operation, 25 individuals have been arrested on suspicion of being concerned in cryptocurrency fraud and cash laundering, and 39 instances of fraud and fraud have been dedicated. The victims misplaced greater than 7 million yuan (roughly $1 million).

These 39 instances concerned 23 males and 16 girls, ranging in age from 19 to 72, together with retailer clerks, college students, and housewives, who have been defrauded of their financial savings.

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Senior Inspector Mak Ninh Fung led the investigation and revealed the group consisted of 18 males and 7 girls, aged between 19 and 65, most of whom have been unemployed, waiters and development employees. did. The group's ringleader, three core members, and 21 puppet account holders have been arrested on costs of “acquiring property by deception'' and “cash laundering.''

Authorities seize digital units and chilly wallets

Hong Kong authorities seized greater than 20 digital units and two cryptocurrency chilly wallets doubtlessly linked to the incident from the group chief's residence. The group allegedly started working in Could 2023 and used Puppet accounts to open financial institution accounts and cryptocurrency alternate accounts on the identical time.

The core members of the group had a transparent division of roles. After defrauding victims with varied schemes and depositing funds into designated puppet financial institution accounts, some core members instantly use related alternate accounts to carry out P2P transactions and buy cryptocurrencies. and despatched the cash to my pockets.

Pretend cryptocurrency alternate retailers focusing on unsuspecting buyers

Coin Version beforehand reported that a variety of scammers in Hong Kong have arrange pretend crypto retailers the place buyers attempt to alternate their cash for crypto however find yourself having their funds stolen. In a single such case, the sufferer misplaced $125,000.

In response to Hong Kong authorities, these retailers promote unbelievable alternate charges and gives to lure buyers, then are robbed and the criminals disappear.