Hoping that the crypto community will learn from it, the police in Hong Kong have commenced publishing crypto-related fraud that involved investors losing millions of dollars to scammers.
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Hong Kong Police Published Details of USDT Fraud
The Hong Kong police made this move in response to rising scam cases, especially in crypto in Hong Kong, according to local media, the move is part of the Eastern District police force’s “Operation Shield” program – a drive aimed at “raising awareness of fraud and fraud prevention.”
In a claim by the police, scammers usually make an average of $2.5 million daily from Hong Kong-based investors.
This event will see Hong Kong police releasing a monthly magazine of cases related to scams.
In the recently released cases is one of the victims who was allegedly defrauded by crypto scammers for an amount close to $1 million.
According to the police, the victim showed up at the police station last month to file a report of him being approached by fellow social media users and chat app, Wechat who introduced him to what eventually resulted in a “fraudulent virtual currency investment platform” that offers investors high returns.
The fraudulent platform appears to be original and highly sophisticated, the victim said that he had signed up on the platform as instructed by their customer service.
In an explanation by the police, the victim within 10 days in July proceeded to deposit 28 Tether’s USDT to what later turned out to be “numerous puppet accounts held by the fraudsters.”
The victim at first believed his “investments” had paid off because the platform was showing that he was making gains. At this point, “he was not suspicious,” according to the officers.
He started thinking it was a scam when he wanted to withdraw his funds and was asked to pay a huge fee, later, his account was suspended.
Tether’s USDT-related scams have been on the rise in Hong Kong and China in recent times, therefore, investors of digital assets must be on the lookout while making moves to invest in any digital assets through different platforms.
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