3 Common Bitcoin Scams in Hong Kong–Are You At Risk?

Hong Kong has been at the forefront of technological advancements and the adoption of Bitcoin. The downside of this is the increase in Bitcoin scams in Hong Kong, but the country’s authorities have been quick to crack down on cyber fraud. There are tight regulations proposed that may limit the trading of Bitcoin and to place cryptocurrency under tighter scrutiny. 

If you have been the target of Bitcoin scams in Hong Kong speak to Trader Defense Advisory experts. We have the tools and the expertise to track down cybercriminals, unmask scams and work with authorities and regulators. Consult with our team and we will help you make your claim on the money you are owed. Here are some of the most common Bitcoin scams in Hong Kong.

  1. Romance Bitcoin Scams 

The South China Morning Post reports that romance Bitcoin scams in Hong Kong have robbed people of tens of millions of dollars. Many of these frauds combine the methods of romance scams with phony investments. Fraudsters under an assumed identity, start up a romance with someone on social media platforms such as Tinder, Facebook or Instagram. 

The other people think they are having an online romance, but the fraudster will make excuses to avoid video chat. They may even post fake pictures of themselves and make up false stories about where they live. As part of the romance, they will share hard-luck stories and ask for money for a medical procedure or help them until they find a new job. 

In some cases, they will share investment “ideas” with their romantic partners and encourage a joint investment for their “future together.” In the end, it is clear that the other party is a fake and runs off with the money. They often choose Bitcoin or cryptocurrency to hide their identity, although the authorities often catch up with them. 

Scammers count on the fact that many of their victims will be too embarrassed to come forward. Don’t let the fraudsters get away with it, but speak to Trader Defense Advisory if you have lost money in romance bitcoin scams in Hong Kong. 

  1. Bitcoin ATM Theft 

Hong Kong police in 2020 arrested three men in an ATM Bitcoin scam that robbed people of tens of thousands of dolalrs. This was only one of many ongoing cases of ATM Bitcoin theft and it continues to be one of the biggest Bitcoin scams in Hong Kong. These men were thought to be part of a larger group of people who have learned to steal money out of Bitcoin ATMs with fake authorizations. 

These ATMs allow people to buy Bitcoins and other cryptocurrencies with cash or credit cards. These scammers have learned how to exploit loopholes in the verification procedure to access Bitcoin. The authorities also warn of customer data being mined by fake Bitcoin machines. 

  1. Investment Schemes

Investment Bitcoin schemes in Hong Kong are another common form of cryptocurrency fraud. In Hong Kong, residents are bothered online and even on the phone by scammers promising extremely high-yield returns for cryptocurrency investments. Scammers have taken to social media to push deals that promise to invest in Bitcoin but are nothing more than Ponzi schemes. 

There are plenty of legitimate Bitcoin investments, but reliable crypto investments are almost always through a legitimate, licensed broker. Do not invest in schemes advertised on social media, text, or through email spam. 

If You Have Been Targeted by Bitcoin Scams in Hong Kong, Contact Trader Defense Advisory

If you suspect an online romantic partner, or a crypto investment might have robbed you of your Bitcoin, contact Trader Defense Advisory, Bitcoin scams in Hong Kong and all over the world are robbing people of millions of dollars. You need to act fast and have the right advocates to help you make your case. Trader Defense Advisory experts will take you through the entire process of recovering your funds. Talk to TDA experts today.

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