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The rate of crypto crime in Hong Kong has reportedly tripled over the past three years, with documented crypto cases in 2023 involving almost 4.4 billion yuan (roughly $611 million), local outlets report.  Hong Kong’s Financial Services and Treasury Minister Hui Ching-yu reportedly revealed that the city’s Securities and Futures Commission (SFC) recorded 1,397 and 2,336 cases of crypto crime in 2021 and 2022 respectively. This figure rose to 3,415 in 2023. According to Hui, the SFC reportedly listed 14 crypto exchanges on its ‘List of Suspected Virtual Asset Trading Platforms’ as of February 14.  The South China Morning Post (SCMP) also reported that 5,105 cases of online investment fraud were handled by the police last year, a 170% jump in cases from the previous year .  Hong Kong bans two more crypto sites for misleading investors Read more: Police probe HK crypto exchange after users lose $15M to scams The same outlet has also reported that a financial manag...

Fraudsters have reportedly been leaving fake crypto paper wallets in public places as part of a scam to dupe Australians out of their crypto. Australians have been warned to stay away from suspicious-looking fake Bitcoin (BTC) paper wallets, which work by luring victims into accessing a lucrative crypto wallet but will ultimately drain them of their own crypto holdings. According to a Nov. 22 post on the Facebook page of the NSW Police Force, the scam starts as a paper cryptocurrency wallet with a QR code, which is made to appear like a legitimate Bitcoin paper wallet. These are strewn by scammers in public locations such as streets or parks. An example of the scam crypto paper wallets. Source: NSW Police Force  An individual that locates the paper wallet and scans the QR code is directed to click on a link to access a crypto wallet with up to $16,000 Australian dollars ($10,000). The person is then asked to pay a withdrawal fee and provide their own wallet credentials that will ...