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    <p>A <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> is being probed by police after <a rel="noopener noreferrer nofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> accused the platform of losing around HK$120 million ($15 million) in a series of <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a>.</p>
    <p>According to the South China Morning Post, police began probing the Hounax <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> on Saturday and claimed arrests were coming. The Securities and Futures Commission (SFC) already listed the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> as suspicious this month after it faked ties between a venture capital firm and a financial institution.</p>
    <p>So far, 88 reports have been made from 131 alleged victims.&nbsp;</p>
    <p>According to the superintendent of Hong Kong’s Commercial Crime Bureau (CCB), “<strong>The scammer impersonated investment experts</strong> and lured people to invest in virtual currencies through a virtual asset trading platform with promises of high returns.”</p>
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       Who is Richard Teng, Binance’s new CEO?
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    <p><em>Read more: Do Kwon granted extradition, but to US or South Korea?</em></p>
    <p>They invited victims to social media group chats dedicated to sharing “hot tips.” Here, victims were encouraged to deposit funds into a third-party investment app. However, police described the app’s investment figures as “meaningless numbers made up by the scammers to gain their trust.”</p>
    <p>“In fact, the moment they transferred the funds to the third-party account, the money was transferred away,” the chief inspector of the CCB said. Some victims were forced to pay a “verification” fee that was <strong>as high as 80% of their original deposit</strong> if they wanted to withdraw, which of course they never could.&nbsp;</p>
    <p>Police said there has been a 105% increase in reported investment scams in the first nine months of this year when compared to last year, with over 4,300 reported scams and HK$2.8 billion ($360 million) in lost funds.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/police-probe-hk-crypto-exchange-after-users-lose-15m-to-scams-tbt71779.html">https://thebittimes.com/police-probe-hk-crypto-exchange-after-users-lose-15m-to-scams-tbt71779.html</a></p>

Police probe HK crypto exchange after users lose $15M to scams

TheBitTimes

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