Hong Kong police cracked a "safe-deposit" stablecoin fraud case involving HK$3 million in cash and arrested three people

PANews reported on August 30th that, according to the Hong Kong Wen Wei Po, Inspector Tsang Kin-wah of the Central District's Technology and Financial Crime Unit revealed the crackdown on a "safe-dealer" stablecoin scam. A 77-year-old woman brought HK$3 million in cash to a virtual currency exchange shop on Sharp Bay Street in Sheung Wan to purchase stablecoins, where she was defrauded of her money using a fake safe. Using footage from Project Sharp Eyes and conducting an in-depth investigation and intelligence analysis, Hong Kong police arrested three male and female scammers within three days of the incident. They are provisionally charged with obtaining property by deception. The police are currently searching for other suspects and the remaining stolen funds, and further arrests are not ruled out.

(Note: Jiawan is the Cantonese dialect term for a safe or strongbox. It is a security device typically used to store valuables such as jewelry, precious metals, cash, and important documents such as wills and deeds.)