A 66-year-old Hong Kong retiree lost 6.6 million Hong Kong dollars (roughly $840,000) in a string of three related crypto investment scams after repeatedly trusting self-proclaimed “virtual currency experts” who reached out via WhatsApp, according to Hong Kong police’s CyberDefender unit.
In a March 20 Facebook post, police said the victim was first approached in September 2025 by a scammer who contacted him unsolicited via WhatsApp, claiming to be a “virtual currency investment expert” and promising steady gains if he followed his advice.
The victim transferred $180,000 and deposited crypto into a wallet controlled by the scammer, who then disappeared, prompting a police report.
The case shows how fraudsters can recycle the same victim through successive schemes that start with “guaranteed profit” pitches and escalate into offers to recover funds that have already been stolen.
“Life has no take two; but scams can have take three,” the CyberDefender team wrote, warning that genuine professionals do not rely on random outreach and that phrases such as “guaranteed returns” and “inside information” are classic red flags.
**Related: **__How US investigators traced $61M in crypto tied to romance scams across wallets
_Hong Kong retiree loses $840,000 in triple crypto scam. Source: _CyberDefender
Triple “crypto expert” scam drains retiree’s savings
The victim later searched online for another “crypto expert” who claimed he could help recover the missing funds but demanded $75,000 as a security deposit.
_Related: _OpenClaw devs targeted by phishing scam promising free ‘CLAW’ tokens
In January, a third supposed specialist messaged the retiree on WhatsApp offering to reclaim both prior losses if the victim bought $585,000 in crypto and sent it to a specified address. Once the victim complied, that scammer disappeared as well, bringing the total losses over roughly six months to approximately $840,000.
Incident falls amid rising Web3 fraud
The case lands against a broader backdrop of mounting crypto-related crime. Web3 platforms saw about $3.95 billion in losses in 2025, with state-linked hackers and weak key security driving much of the damage, according to security firm Hacken.
Authorities worldwide have also flagged new waves of phishing and investment fraud, from the FBI’s recent warning over fake FBI tokens on Tron to India’s GainBitcoin probe and US efforts to forfeit $3.4 million in Tether tied to a multi-state investment scam.
Magazine: Influencers shilling memecoin scams face severe legal consequences
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
- #Cryptocurrencies
- #Fraud
- #Hong Kong
- #Scams
- #Social Engineering
- #Scams & Cybercrime
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Prince Group's Li Xiong is arrested; Huiawon exposes $24 billion in crypto money laundering
Prince Group’s core member Li Xiong was escorted back to China by the Ministry of Public Security of China on April 1, after being arrested in Cambodia. He is suspected of multiple offenses including fraud and money laundering. He is the chairman of Huowang Group, which is under the Prince Group umbrella. The amount involved in the group’s cryptocurrency business reaches $24 billion, and the money-laundering amount is at least $4 billion. This operation was carried out with cooperation from Cambodia, and it has raised issues related to international judicial cooperation.
MarketWhisper41m ago
Drift Protocol suffers losses of about $280 million from a new type of attack, and management control is taken over
Drift Protocol recently suffered a complex attack. Malicious actors used the durable nonce technology to obtain unauthorized administrative privileges, resulting in approximately $280 million in funds being withdrawn. The investigation found no program vulnerabilities; it may involve social engineering. Drift has frozen protocol functionality and updated the multisig to protect assets.
GateNews1h ago
Drift attack incident affects 11 DeFi protocols, Ranger Finance risk exposure of about $900,000
April 2, the Drift attack incident affected multiple DeFi protocols, including Reflect Money and Ranger Finance, among 11 projects. Some projects paused features such as minting and withdrawals. Ranger Finance lost about $900,000, accounting for 6% of its total value; Pyra also paused the relevant functions because users’ funds were affected.
GateNews1h ago
Google also issued a warning: there is a risk to the $100 billion worth of assets in Ethereum, and five major quantum attack vectors have been exposed.
Google releases a white paper warning that quantum computers may break Ethereum, putting hundreds of billions of dollars in assets at risk. The report points out that there are multiple vulnerabilities in systems such as giant whale wallets, DeFi management keys, and staking systems, and that a high level of alertness is needed. The Ethereum Foundation has already launched research into post-quantum cryptography and plans to carry out a system upgrade before 2029.
CryptoCity1h ago
Wormhole response: Drift was attacked—Solana’s security mechanism may have delayed some cross-chain transactions
Gate News, April 2, Wormhole issued an official response to the attack on Drift, stating that Wormhole users’ assets are not currently at risk and that the cross-chain bridge functionality can still be used normally. However, due to the built-in security mechanisms configured for Solana, some cross-chain transfers may experience delays. Wormhole’s core contributors have been in communication with the Solana ecosystem team and will continue providing support as needed.
GateNews2h ago
Loopscale: SOL Genesis vault with about $170,000 in deposits has an indirect exposure through Drift and has committed to full compensation.
Loopscale’s declaration is not directly related to Drift. Most funds are secure, with some indirect exposure. Deposits in the SOL Genesis Vault will fully reimburse users; deposit and withdrawal functionality is temporarily disabled, and will be reopened once services are restored.
GateNews2h ago
