Mainland virtual currency scam hits Hong Kong, more than 100 Hong Kong people deceived, police arrest 4 people

PANews reported on July 19 that according to Caixin.com, the mainland virtual currency investment scam has spread to Hong Kong, with at least 118 people falling into the scam and losing a total of about HK$3.2 million. On July 16, the Hong Kong police revealed that on July 15, they arrested four Hong Kong locals for "conspiracy to defraud". They were suspected of hosting a promotional dinner for the mainland virtual currency scam, recruiting victims and collecting HK$3.89 million in fraudulent funds. Except for a small amount of funds that were withdrawn, the remaining approximately HK$3.2 million has not yet been recovered.

Chief Inspector Yuen Ho-ting of the Second Team of the New Territories North Regional Crime Squad of Hong Kong introduced that since the end of June 2025, the police have received reports from citizens who suspected that they had fallen into a cryptocurrency investment scam, and the victims were aged between 33 and 80. The police investigation found that since the beginning of 2025, many victims had participated in an investment promotion dinner called "DGCX Xinkangjia" at a restaurant in Tai Po. The Hong Kong police investigation confirmed that DGCX Xinkangjia was a fake trading platform, and the victims' funds had not been invested in any real way. Part of the funds were used to maintain the operation of the platform, and some of the funds were believed to be used to cope with the withdrawals of other victims. Industry lawyers said that because DGCX Xinkangjia used the stable currency USDT for settlement, it brought many difficulties to the case detection, fund recovery and victim rights protection.