A man in his 70s in Hong Kong has lost more than HK$13 million ($1.67 million) after being tricked into investing through a fake cryptocurrency app. According to Hong Kong Police, the man was
A man in his 70s in Hong Kong has lost more than HK$13 million ($1.67 million) after being tricked into investing through a fake cryptocurrency app.
According to Hong Kong Police, the man was contacted on WhatsApp by a stranger claiming to be a cryptocurrency investment expert based in Singapore.
70 YEARS OLD, GOT INTO A “CRYPTO PLAY” AND LOST OVER HKD 13 MILLION.
In just 1 week, Hong Kong logged over 40 investment scam cases, total losses around HKD 50 million.
Same old playbook.
Fake app shows the account all green so the victim thinks they’re making money, and… pic.twitter.com/CW2GmQI3Mo
— 𝙺𝚊𝚒𝚛𝚘 𝚃𝚛𝚊𝚗 (@kairocrypto77) September 14, 2026
After gaining his trust, the scammer encouraged him to buy popular cryptocurrencies, including Tether (USDT) and Ethereum (ETH), and transfer the funds to a wallet linked to a fraudulent investment app. The app showed fake profits, making the victim believe his investment was growing.
The scam was exposed when he tried to withdraw his money. His request was rejected, and the scammer stopped responding. The case comes as Hong Kong records a sharp rise in investment scams, with more than 40 reports filed in just one week and total losses exceeding HK$50 million.
Hong Kong police have repeatedly warned about unsolicited investment messages on WhatsApp; separate police data showed that 83% of fraudulent messages recorded in the first 10 months of 2025 were distributed through Meta-owned platforms, including Facebook, WhatsApp and Instagram.
The concern is not limited to Hong Kong. Australia’s financial regulator ASIC has also warned that scammers use social media and messaging groups to direct investors toward fake crypto platforms. These platforms can display fabricated trades and profits, making victims believe their money is growing when no genuine trading is taking place.
That makes the issue bigger than individual victims making poor investment decisions. Messaging and social-media platforms have become part of the scam pipeline, raising questions about how effectively they can detect fraudulent investment promotions before users are moved into private chats and fake trading platforms. Ofcom said in July 2026 that major online platforms need stronger measures against fraudulent advertising, including proactive detection and faster removal of scam content.
A blocked withdrawal is often where a fake investment platform begins to reveal itself. In many scams, victims first see impressive returns on the app, but problems appear when they try to cash out. Hong Kong’s Securities and Futures Commission has previously warned about suspicious virtual-asset platforms where investors reported withdrawal difficulties, including cases in which platforms allegedly displayed fake withdrawal records.
The next step can be another demand for money, presented as a tax, withdrawal fee, account-verification charge or other requirement. In one recent crypto investment scam in India, for example, a victim who was shown ₹88 lakh in supposed profits was told to pay ₹47.8 lakh in capital-gains tax before the money could be released. He paid the additional amount, but the promised withdrawal never arrived.
Hong Kong’s SFC warns that investors using unlicensed virtual-asset platforms can potentially lose their entire investment if the platform collapses, misappropriates assets or otherwise ceases to operate. In 2025, Hong Kong police said they intercepted HK$2.09 billion in fraud proceeds across 1,552 cases, showing why rapid reporting and fund-tracing can matter once a suspected scam is identified.
The Hong Kong case is a reminder that unsolicited investment advice should be treated with caution, particularly when it comes through a private messaging app. One social media user described the problem as generational, saying that
“these sophisticated fake trading apps are becoming terrifyingly convincing for other generations who never learn to spot digital red flags.”
Another user summed up the risk: “No genuine financial expert will DM you first. This is an important reminder.”
No genuine financial expert will DM you first. This is an important reminder
— Anjali rohera (@anjali_rohera99) September 14, 2026
The concern is that a polished app, convincing profile and apparently profitable account can make an unfamiliar contact appear more credible than they really are.
Hong Kong online investment fraud tops the chart in monetary loss. The technology behind investment fraud is becoming more convincing. Scammers can now combine fake websites, mobile apps, social media profiles and fabricated investment dashboards to create the appearance of a functioning financial service. This makes it harder for victims to judge legitimacy based on appearance alone. Hong Kong recorded 5,135 online investment fraud cases in 2025, a 30.7% increase from the previous year, making investment fraud the city’s largest category by monetary loss.
Meanwhile, Hong Kong’s SFC introduced new cybersecurity rules requiring licensed virtual asset trading platforms (VATPs) and online brokers to adopt phishing-resistant authentication methods, marking a major step to improve crypto investor protection.
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