Hong Kong Investors Lost $50M From Crypto Scams in 2022 #togrp7

Cryptocurrency scams have reportedly been one of the most common cyber offenses in Hong Kong during the first half of 2022, and 25% involved digital assets. The concerning number of such fraudulent schemes could be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents.

According to a South China Morning Post coverage, there have been 10,613 cyber attacks in Hong Kong between the beginning of January and the end of June this year. 798 were cryptocurrency-related fraudulent schemes – a 105% increase considering the same period in 2021. Wrongdoers drained HK $387.9 million (around $50 million) from Hong Kong-based digital asset firms and individuals – a significant surge compared to the $21 million stolen in H1, 2021.

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