A man in his seventies lost nearly HK$18 million in a cryptocurrency investment scam after responding to an advertisement on YouTube, police said.
The man saw the YouTube advertisement in June and left his contact details. Someone claiming to be an investment adviser then contacted him and added him to a WhatsApp group managed by a purported investment assistant. Discussion of cryptocurrency profits in the group drew him in.
The man opened an account and began investing on the assistant’s instructions. About two months later, the assistant promoted another platform, claiming it offered higher returns and that following instructions would bring large profits. From August to October, the man transferred USDT and ETH worth more than HK$18 million to wallet addresses supplied by the scammers.
In early October, his son warned him that he might be dealing with a scam. The man then tried to withdraw his funds and once received USDT worth about HK$800,000. The platform refused later withdrawal requests on various grounds.
Police advise people to be wary of online investment advertisements and self-described advisers, and of group members claiming to make profits, who may be accomplices. They also warn against sending cryptocurrency to unfamiliar wallet addresses on a stranger’s instructions. A successful withdrawal does not show that a platform is reliable. They advise discussing investments with family or trusted friends.