Hong Kong Crypto Customer Scammed in Alleged HK$1M 'Hell Money' Scheme

According to reports by the Hong Kong Police Force (HKPF), three employees of a crypto exchange shop in Tsim Sha Tsui have been detained following allegations of a cryptocurrency scam.  As revealed by South China Morning Post, the incident came to light when a 35-year-old man reported to the police on April 12 that he […]

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Hong Kong Crypto Customer Scammed in Alleged HK$1M 'Hell Money' Scheme

  • Three employees of a Tsim Sha Tsui crypto exchange shop were detained for allegedly scamming a customer with counterfeit “hell banknotes.”
  • The victim transferred HK$1 million worth of USDT, but the suspects did not provide the agreed cash, leading to their arrest.
  • The HKPF seized 3,000 hell banknotes and advised residents to use licensed exchanges and inspect banknotes to avoid fraud.

According to reports by the Hong Kong Police Force (HKPF), three employees of a crypto exchange shop in Tsim Sha Tsui have been detained following allegations of a cryptocurrency scam. 

As revealed by South China Morning Post, the incident came to light when a 35-year-old man reported to the police on April 12 that he had been unable to retrieve cash after exchanging about HK$1 million worth of the digital currency Tether (USDT) at the shop. 

Per the complaint, the customer was shown stacks of “hell money” before making the transaction. For clarity, hell banknotes are celebratory currencies used in traditional Chinese rituals as offerings to ancestors or deities.

Following this report, the HKPF’s technology crime division arrested three men, aged between 31 and 34, o…

The post Hong Kong Crypto Customer Scammed in Alleged HK$1M ‘Hell Money’ Scheme appeared first on Coin Edition.