Kitten ruse costs woman US$770,000 in Hong Kong crypto scam
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A 58-year-old woman fell victim to an elaborate con that began with an online acquaintance promising a kitten as a gift, according to Hong Kong police.
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HONG KONG - A Hong Kong woman trying to adopt a kitten online has lost more than US$770,000 (S$1 million) in a crypto ruse, the police said, as figures obtained by AFP on Friday showed a sharp rise in scams in the city involving digital currencies.
Hong Kong has been encouraging investment in virtual assets to bolster its fintech credentials, but the anonymous nature of cryptocurrency and lack of regulation make it popular with fraudsters.
Nearly 1,900 scams involving cryptocurrency
The losses from those scams also skyrocketed to HK$1.28 billion (S$217 million) from HK$114 million in 2020.
In one recent case, a 58-year-old woman fell victim to an elaborate con that began with an online acquaintance promising a kitten as a gift, according to police.
The woman was later told the kitten had died while being transported to Hong Kong from abroad and that she was entitled to an insurance payout.
However, she first had to pay “administrative fees” to release the insurance funds, prompting her to make 40 crypto payments collectively worth US$773,000.
No arrests have yet been made, the police told AFP.
Many of the crypto scams have less to do with the technology and rely more on old-fashioned confidence tricks or extortion.
“Cryptocurrency and NFTs are highly speculative virtual assets,” said the police, referring to non-fungible tokens.
“Caution must be heeded when conducting relevant transactions and investment.”
The Hong Kong police also said they launched a platform last September that helps people in the city conduct checks on suspicious websites, e-mail addresses and phone numbers. AFP
