29th August 2025 – (Hong Kong) A 77-year-old woman was the victim of a cryptocurrency scam in Sheung Wan on 25th August, when she attempted to exchange HK$3 million in cash for stablecoins at a fraudulent exchange. The perpetrators cleverly concealed the cash in a deceptive safe, enabling them to escape with the money.

The woman reported the incident to the police after she realised she had been scammed. Upon investigation, officers reviewed extensive CCTV footage and subsequently arrested three individuals between 26th and 28th August on charges of fraud and handling stolen goods. Some of the suspects are believed to have gang affiliations. Currently, approximately HK$2 million of the woman’s funds remain unaccounted for.

The victim, a retired teacher, went to a cryptocurrency exchange on Cleverly Street, where she interacted with two male staff members. After depositing her cash, they pretended to leave the premises, retrieving the money from the back of the disguised safe without her noticing. Although she received about HK$78,000 in stablecoins to her digital wallet, she became suspicious after waiting too long for the staff to return.

Further investigations revealed that one of the arrested suspects had rented the shop using their real name. The police believe this operation was premeditated and part of a larger, organised scheme.

As of now, some of the stolen money has been recovered, but the police are continuing their efforts to locate the remaining funds and additional suspects. They remind the public to verify the legitimacy of cryptocurrency exchanges to avoid falling victim to similar scams.

Sources: Dimsum Daily