Hong Kong crypto buyer scammed in HK$1 million 'Hell Cash' scheme

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  • Three staff of a digital forex alternate store in Tsim Sha Tsui have been arrested on suspicion of defrauding clients with counterfeit “hell notes.”
  • The sufferer transferred USDT value HK$1 million, however the suspect didn’t present the agreed money quantity, resulting in his arrest.
  • Hong Kong PF seized 3,000 Hell banknotes and suggested residents to make use of licensed exchanges and have their banknotes inspected to keep away from fraud.

Three staff of a cryptocurrency alternate store in Tsim Sha Tsui have been detained on suspicion of cryptocurrency fraud, in line with a report from the Hong Kong Police Power (HKPF).

As revealed by the South China Morning Put up, the incident happened on April 12, when a 35-year-old man was unable to get his money again after exchanging digital forex Tether (USDT) value round HK$1 million. This was found when the police had been notified. ) on the retailer.

Based on the grievance, clients had been proven piles of “hell cash” earlier than making transactions. To be clear, hell banknotes are celebratory forex utilized in conventional Chinese language ceremonies as choices to ancestors and gods.

Following this report, HKPF's Expertise Crimes Unit arrested three males aged between 31 and 34 on Wednesday. In the course of the raid, safety drive officers seized 3,000 hell notes, a secure and a notice counting machine from the premises.

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Additional investigation revealed that the suspects allegedly offered a wad of HK$500 “hell notes” and compelled the sufferer to switch roughly HK$1 million value of USDT (Tether) to a digital forex pockets. grew to become.

Within the aftermath of this switch, the suspects reportedly made numerous excuses, refused at hand over the agreed money, after which left the scene.

Beneath Hong Kong legislation, people convicted of fraud might be sentenced to as much as 14 years in jail. Moreover, criminals convicted of false acquisition might be sentenced to as much as 10 years in jail.

In the meantime, the HKPF urges residents to conduct transactions by means of licensed and approved crypto exchanges. It additionally emphasizes the significance of fastidiously analyzing the safety features of banknotes to keep away from falling sufferer to such scams. Moreover, the investigation into this incident is ongoing.

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