Report: Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022

According to Hong Kong police, successful 2022 determination were 2,336 reported crypto scam-related cases successful which much than $216.6 cardinal was lost. Although losses relating to crypto scams lone constituted conscionable implicit 10% of the astir 23,000 reported exertion crimes, they inactive accounted for much than fractional of the $407.7 cardinal that was mislaid to online fraudsters.

Crypto-Related Scams Constitute Just Over 10% of Reported Technology Crimes

Hong Kong residents reportedly incurred cryptocurrency-related scam losses totaling $216.6 cardinal (HK$1.7 billion), conscionable implicit fractional of the $407.7 cardinal that was mislaid to online scammers successful 2022, a study has said. The more-than-double summation successful crypto scam-related losses followed a 67% leap successful the fig of victims from 1,397 reported cases successful 2021 to 2,336 by the extremity of past year.

However, according to the information reportedly shared by Hong Kong instrumentality enforcement, crypto scam-related crimes constituted conscionable implicit 10% of the astir 23,000 exertion crimes that were reported successful 2022. Although the constabulary person had immoderate occurrence successful intercepting and blocking ligament transfers to fraudsters, an insider quoted successful a caller South China Morning Post report claimed that fraudsters’ expanding usage of crypto makes the task of tracking stolen funds “more difficult.”

According to an unnamed insider, online fraudsters’ expected penchant for crypto whitethorn assistance to explicate wherefore the magnitude of intercepted funds has fallen to levels past seen successful 2019. To antagonistic scammers’ increasing penchant for crypto-related scams, Hong Kong constabulary are said to person issued an alert successful February informing residents to beryllium wary of a benignant of scam that targets carnal lovers.

Pet-Lover Scams

As per the South China Morning Post report, the alert was issued aft an unnamed pistillate mislaid much than $760,000 worthy of bitcoins to a scammer who posed arsenic a favored person selling a kitten. The scammer reportedly convinced the unfortunate to transportation funds crossed 40 transactions earlier disappearing. In different case, a 63-year-old is said to person mislaid much than $1.5 cardinal to a scammer that posed arsenic a cryptocurrency expert.

Besides crypto scams, Hong Kong constabulary figures reportedly amusement that instrumentality enforcement had handled astir “1,884 online concern frauds involving HK$926 cardinal [$118 million].” The figures besides reportedly amusement that scams targeting occupation seekers grew from 1,063 reported cases successful 2021 to 2,884 successful 2022.

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