<![CDATA[<figure class="image"><img src="https://cimg.co/news/126183/333191/hong-kong-2291752-1280-me.jpg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Pixabay / Andy Leung</figcaption></figure>The&nbsp;Hong Kong&nbsp;police force has issued an alert after 11&nbsp;<a href="https://cryptonews.com/reviews/binance/">Binance</a>&nbsp;users in the region fell victim to phishing scams, losing over $450,000 combined.&nbsp;Through its&nbsp;<a href="https://www.facebook.com/CyberDefenderHK/">CyberDefender program</a>, Hong Kong police warned that fraudsters impersonating Binance sent texts claiming accounts needed verification by linking.&nbsp;"Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated," the warning read.&nbsp;It added that once users clicked on the link, hackers were able to drain victims' wallets of all crypto assets.<h2 id="11-binance-users-have-fallen-victim-in-past-two-weeks">11 Binance Users Have Fallen Victim in Past Two Weeks</h2>In the last two weeks alone, fraudulent messages have duped 11 people into disclosing their account login details.&nbsp;Police asked everyone who received suspicious messages to report them.&nbsp;They also shared the Securities and Futures Commission's newly published&nbsp;<a href="https://cryptonews.com/news/hong-kong-reveal-list-of-crypto-license-applicants-wake-of-jpex-scandal.htm">list of authorized virtual asset platforms</a>&nbsp;to help residents identify legitimate exchanges.Currently, only Hashkey and OSL hold full retail operating licenses from the SFC.&nbsp;As&nbsp;<a href="https://cryptonews.com/news/hk-police-launch-cyberdefender-help-protect-citizens-metaverse.htm">reported</a>, the Hong Kong Police Force launched CyberDefender, a new metaverse platform aimed at educating the public about the potential dangers associated with Web3 and the metaverse, in May.&nbsp;The platform, developed by the Cyber Security and Technology Crime Bureau (CSTCB), was created to prepare Hong Kong citizens for the challenges ahead in the digital age, with a focus on technology crime prevention<h2 id="hong-kong-embroiled-in-controversy-following-jpex-saga">Hong Kong Embroiled in Controversy Following JPEX Saga</h2>Despite its growing regulatory stance toward digital assets, Hong Kong has been embroiled in controversy following the JPEX saga.&nbsp;JPEX, established in 2021, targeted retail investors through extensive advertising campaigns in prominent business and transportation hubs.&nbsp;The exchange claimed to be a licensed cryptocurrency exchange and enticed investors with promises of high returns, reaching up to 20 percent.&nbsp;However, on September 13, Hong Kong's Securities and Futures Commission accused the platform of operating without a license and engaging in "suspicious" activities.&nbsp;Amid the ongoing investigation, the Hong Kong and Macau police have received 2,417 complaints involving alleged losses exceeding HK$1.5 billion.&nbsp;Meanwhile, analysts and industry experts&nbsp;<a href="https://cryptonews.com/news/analysts-believe-jpex-scandal-will-significant-negative-impact-retail-sentiment.htm">have voiced concern</a>&nbsp;that the fallout from the JPEX debacle will present significant challenges for virtual asset companies and hinder the government's efforts to expand the sector.&ldquo;At a time when people still don&rsquo;t completely understand what Web3 is, the JPEX case has created a negative impression for people in Hong Kong on digital assets and the broader Web3 industry,&rdquo;&nbsp;Cyrus Ip, a crypto venture investor and chief business officer at artificial intelligence start-up DreamWld Technology, said.&nbsp;
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Hong Kong Police Issues Warning After Binance Users Lose $450K in Phishing Scams

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