26th October 2024 – (Hong Kong) A woman has reported losing approximately HK$93,000 (US$11,800) in a cryptocurrency scam at a virtual currency exchange in Tai Kok Tsui. The incident occurred today, when the victim attempted to exchange Tether (USDT) for cash at a location on Tai Kok Tsui Road.
According to police, the woman transferred her USDT to a male employee of the exchange, who then asked her to wait for a colleague to bring the cash. Instead of returning, the employee left the premises. After waiting for an extended period without receiving the promised funds, the woman realised she had been deceived and contacted the authorities.
The police have classified the case as fraud, but no arrests have yet been made. The woman reported that she lost 12,000 USDT in the transaction.
She explained that she had been monitoring the exchange on Instagram for three months, believing it to be a legitimate business due to its apparent operations and customer interactions. Despite her vigilance, she fell victim to the scam. “Even if a place looks like it has been operating for months and has customers, it doesn’t guarantee trust,” she lamented.
Upon investigating, police discovered that the exchange, named “CoinMart,” was not an authorised operation. A nearby fruit shop employee indicated that the premises had previously served as a currency exchange but had been inactive for most of the last three months, merely changing its signage under new management. The shop reportedly lacked functioning security cameras.
During the police investigation, a real estate agent arrived, claiming that the shop had failed to pay its rent for the past month. The victim was escorted by officers to assist further with the investigation.
