- A Hong Kong retiree lost approximately $840,000 in a series of three cryptocurrency scams orchestrated via WhatsApp.
- The scams progressed from a fake “guaranteed profit” investment pitch to fraudulent offers to recover stolen funds.
- CyberDefender warns phrases like “guaranteed returns” and “inside information” are red flags, and genuine professionals do not use random outreach.
- The incident highlights a broader context of rising Web3 fraud, with about $3.95 billion in losses reported in 2025.
A Hong Kong retiree lost roughly $840,000 over six months in a devastating chain of three cryptocurrency scams, all initiated by cold-messaging fraudsters on WhatsApp, according to a March 20 Facebook post from the police’s CyberDefender unit.
The first scam began in September 2025, with a self-proclaimed “virtual currency investment expert” promising steady gains. Consequently, the victim transferred $180,000 and crypto into a controlled wallet, only for the scammer to disappear.
The case demonstrates how criminals recycle victims. The retiree then sought a second “expert” online who claimed to recover funds but vanished after receiving a $75,000 deposit.
In January, a third fraudster offered to reclaim all losses if the victim bought and sent $585,000 in crypto. However, this scammer also disappeared after payment, completing the triple scheme.
CyberDefender stated, “Life has no take two; but scams can have take three.” They emphasized that genuine experts do not rely on random outreach.
Meanwhile, this incident falls amid a global backdrop of mounting crypto-related crime. Web3 platforms saw about $3.95 billion in losses in 2025, according to reports.
Authorities worldwide have flagged new waves of phishing and investment fraud. These include the FBI’s warning over fake FBI tokens and US efforts to forfeit millions tied to multi-state scams.
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