A local woman with over 10 years of virtual asset investment experience recently lost more than HK$4 million after falling for a Telegram scam. The incident unfolded this spring in Hong Kong when she sought a discount on a crypto trading platform.
She was unable to reach official support, so she decided to turn to “customer service” accounts, which are already present on Telegram and was scammed twice into handing over personal account details.
Fake Customer Service Trap
After her first attempt to apply a discount failed, the investor searched Telegram for help. An account posing as the platform’s support team sent her a link. Trusting the interaction, she entered her personal information, account number and transaction password.
Shortly after, she discovered a sizable portion of her virtual assets had vanished into unknown wallets.
Second Scam to “Recover” Funds
She was quite desperate to reclaim her losses, so she contacted another Telegram “customer service” account. Now, they claimed they could recover the stolen tokens, and the fraudsters directed her to a new fake website.
She again repeated the same steps, sharing her verification codes and passwords. This time, they emptied the remainder of her account. In total, she lost more than HK$4 million ($509K) in cryptocurrency.
Police Warn Against Phishing Schemes
The Hong Kong police advised the public to use only official customer service channels when seeking help. They urged investors not to click on unfamiliar links or share passwords and verification codes.
The force also cautioned against believing posts that promise insider tips or guaranteed profits, reminding users that fraudsters often hide behind seemingly legitimate accounts.
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Invitation to Apply Officially
Authorities noted that virtual asset platforms never ask users to apply for discounts through third‑party chat apps. They Instead of that they provide links or chat options within their own websites or official apps.
Any offer made via Telegram or other messaging services must be treated with suspicion and reported to law enforcement as soon as possible.
Growing Concern Over Crypto Scams
This case is part of a wider rise in crypto scams worldwide. These types of Fraudsters exploit both novice and experienced investors with increasingly sophisticated tactics.
They impersonate as exchange staff, clone or duplicate official websites and lure victims with promises of easy gains. Experts say these schemes can leave victims financially devastated and reluctant to return to digital assets.
Crypto Scams in Hong Kong
Meanwhile, 503 people have been taken into custody by Hong Kong police as part of a broad crackdown on crimes involving cryptocurrencies.
Between April 7 and April 17, the operation found 404 examples of technical crimes and fraud, totalling over 1.56 billion Hong Kong dollars, or over $199 million.
Regulatory Response
Both Hong Kong and Tasmanian police are speeding up public education campaigns on crypto safety. They encourage investors to verify platform details, use two‑factor authentication and keep the recovery part offline.
Financial regulators are also exploring stricter and better rules for crypto ATMs, including mandatory identity checks and close transaction monitoring.
Also Read: Canadian Lady Files Lawsuit After Losing 12.58BTC Worth $1.36M in SIM-Swapping Scam