A Hong Kong woman has lost HK$21.5 million (about US$2.75 million) to a crypto scam that began with a friendly chat on Baby Kingdom, a popular parenting forum. She reported the case to police on Saturday after transferring money from March to September.
She met the alleged “investment specialist” on March 15, then sent HK$19 million to a fake trading website. A second scammer, posing as a compliance officer, later claimed her account was linked to money laundering and demanded another HK$1.2 million.
Fraudsters demand more money
The scheme did not end after the initial HK$19 million transfer. A second person subsequently contacted the woman while posing as a compliance officer working for the supposed cryptocurrency platform.
The individual claimed that her account had been linked to money laundering and told her that additional funds were required to resolve the alleged problem.
The demand became another stage of the crypto scam, as the woman followed the instructions and transferred a further HK$1.2 million.
She continued receiving requests for money until she eventually became suspicious and contacted police. Between March and September, she had lost approximately HK$21.5 million in total.
The case has been classified by police as obtaining property by deception and has been assigned to the Sau Mau Ping district investigation team.
The sequence illustrates how investment fraud can combine an initial promise of financial returns with a second layer of deception designed to extract additional funds from victims.
Crypto scam follows wider Hong Kong fraud pattern
The reported case is not an isolated example of cryptocurrency-related deception involving Hong Kong residents.
Earlier this year, a 67-year-old retired foreign businessman reportedly lost HK$84.8 million after becoming involved with an online fraudster through social media. In that case, the relationship developed into a romance over WhatsApp before the perpetrator presented themselves as a cryptocurrency investment expert.
The victim was persuaded to download a fake trading application and transfer digital assets into designated cryptocurrency wallets. The transfers continued over a six-month period, resulting in losses significantly larger than those suffered in the latest case.
The two incidents share several elements commonly associated with online investment fraud: establishing contact through digital platforms, cultivating trust, presenting supposed investment expertise and directing victims toward fraudulent trading infrastructure.
Online investment fraud remains a major concern
The latest crypto scam also demonstrates how fraudsters can exploit online communities that were not specifically created for financial activity.
In the Hong Kong case, the initial contact occurred through a parenting forum rather than a dedicated investment platform. The alleged fraudster subsequently used the relationship to introduce an investment opportunity and convince the victim to transfer substantial sums.
The second-stage impersonation of a compliance officer added another layer of credibility to the deception. By claiming that the victim’s account was connected to money laundering, the fraudster created a new reason for demanding money while increasing pressure on the victim to comply.
The victim eventually stopped making payments after being asked to provide additional funds and alerted authorities. Police are now investigating the case as obtaining property by deception.
For investors approached online, the case highlights the risks of trusting unsolicited investment advice, particularly when supposed experts direct funds to unfamiliar platforms or wallets and later demand additional payments to release or protect an account.
The HK$21.5 million loss underscores the financial damage that a crypto scam can cause when fraudsters successfully establish trust before introducing a fraudulent investment opportunity.