A retiree from Hong Kong has fallen victim to a series of three crypto investment scams, losing approximately 6.6 million Hong Kong dollars, equivalent to $840,000. The incidents began in September 2025 when the victim was first contacted by an individual claiming to be a “virtual currency investment expert” via WhatsApp, who promised consistent profits. Following this initial contact, the retiree transferred $180,000 and invested cryptocurrency into a wallet controlled by the scammer, who subsequently disappeared, leading to a police report.
Despite the loss, the retiree continued to pursue recovery options and encountered another supposed expert who requested $75,000 as a security deposit for assistance in reclaiming the lost funds. After complying with this request, the retiree was again defrauded as the second scammer vanished without a trace. In January, a third scammer contacted the victim, proposing to recover the previous losses in exchange for $585,000 in crypto. After the retiree sent the funds, this scammer also disappeared, culminating in total losses exceeding $840,000 over six months.
This case underscores the increasing prevalence of crypto-related scams, as evidenced by a reported $3.95 billion in losses across Web3 platforms in 2025, driven largely by state-linked hackers and insufficient key security, according to Hacken.