Hong Kong Residents Misplaced Extra Than $216 Million to Crypto Scams in 2022 – Regulation Bitcoin Information


In keeping with Hong Kong police, in 2022 there have been 2,336 reported crypto scam-related instances during which greater than $216.6 million was misplaced. Though losses regarding crypto scams solely constituted simply over 10% of the almost 23,000 reported know-how crimes, they nonetheless accounted for greater than half of the $407.7 million that was misplaced to on-line fraudsters.

Crypto-Associated Scams Represent Simply Over 10% of Reported Know-how Crimes

Hong Kong residents reportedly incurred cryptocurrency-related rip-off losses totaling $216.6 million (HK$1.7 billion), simply over half of the $407.7 million that was misplaced to on-line scammers in 2022, a report has stated. The more-than-double improve in crypto scam-related losses adopted a 67% bounce within the variety of victims from 1,397 reported instances in 2021 to 2,336 by the tip of final 12 months.

Nonetheless, in accordance with the information reportedly shared by Hong Kong legislation enforcement, crypto scam-related crimes constituted simply over 10% of the almost 23,000 know-how crimes that had been reported in 2022. Though the police have had some success in intercepting and blocking wire transfers to fraudsters, an insider quoted in a current South China Morning Submit report claimed that fraudsters’ rising use of crypto makes the duty of monitoring stolen funds “harder.”

In keeping with an unnamed insider, on-line fraudsters’ supposed choice for crypto might assist to clarify why the quantity of intercepted funds has fallen to ranges final seen in 2019. To counter scammers’ rising choice for crypto-related scams, Hong Kong police are stated to have issued an alert in February warning residents to be cautious of a sort of rip-off that targets animal lovers.

Pet-Lover Scams

As per the South China Morning Submit report, the alert was issued after an unnamed girl misplaced greater than $760,000 value of bitcoins to a scammer who posed as a pet lover promoting a kitten. The scammer reportedly satisfied the sufferer to switch funds throughout 40 transactions earlier than disappearing. In one other case, a 63-year-old is alleged to have misplaced greater than $1.5 million to a scammer that posed as a cryptocurrency professional.

In addition to crypto scams, Hong Kong police figures reportedly present that legislation enforcement had dealt with round “1,884 on-line funding frauds involving HK$926 million [$118 million].” The figures additionally reportedly present that scams concentrating on job seekers grew from 1,063 reported instances in 2021 to 2,884 in 2022.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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