A 66-year-old retiree in Hong Kong lost around $840,000 after falling for three cryptocurrency scams. The fraudsters, pretending to be “crypto experts,” contacted him through WhatsApp and promised high profits.
In the first scam, he sent $180,000 to a wallet controlled by a scammer, who then disappeared. Hoping to recover his money, he trusted two more “experts,” sending $75,000 and $585,000 in separate schemes, only to be scammed again each time.
The Hong Kong Police CyberDefender team warned that real professionals never contact strangers online and that promises of “guaranteed returns” are major red flags.
First Scam: False Promises of Guaranteed Returns
The Hong Kong CyberDefender report revealed that the scam started in September 2025. A 66-year-old retiree received a message on WhatsApp from someone claiming to be a cryptocurrency investment expert.
The scammer promised guaranteed profits if the retiree followed his advice. Believing the claims, the retiree transferred $180,000 and sent cryptocurrency to a wallet the scammer controlled.
Shortly after, the fraudster disappeared, leaving the retiree unable to access the funds. Shocked and confused, the retiree reported the incident to the police.
This case highlights how scammers use fake expertise and promises of easy gains to trick trusting investors.
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Recycled Victim: Scammers Strike Twice
The retiree’s troubles didn’t stop after the first scam. Hoping to get back the lost money, he reached out to another “crypto expert” he found online.
This second person promised to recover the stolen funds but asked for a $75,000 security deposit first. Trusting the claim, the retiree paid the amount.
Unfortunately, just like the first scammer, this so-called expert disappeared without returning any money, leaving the retiree even more frustrated and financially hurt. This shows how scammers often target the same victim repeatedly.
Third Scam: The Final Blow
In January a third scammer contacted the retiree on WhatsApp claiming they could help recover the money lost in the previous scams. The retiree was asked to buy $585000 worth of cryptocurrency and send it to a wallet controlled by the scammer.
Trusting the promise the retiree followed the instructions. However the scammer disappeared immediately after receiving the funds.
This final scam brought the retiree’s total losses to around $840000 over six months showing how fraudsters often exploit victims multiple times.
Warning Signs: How to Avoid Crypto Scams
The CyberDefender team warns that real cryptocurrency experts never contact people out of the blue.
Scammers often try to trick investors with promises that sound too good to be true, such as guaranteed profits or special “inside information.” They may ask you to transfer money or crypto to unknown wallets, claiming it’s safe or part of a secret investment.
These are major warning signs of a scam. Always be cautious with unsolicited messages online, verify the credentials of anyone offering investment advice, and never send funds to someone you don’t fully trust. Staying alert can protect your savings.
Rising Web3 and Crypto Fraud
Cryptocurrency and Web3 platforms are facing a growing number of scams. In 2025, security firm Hacken reported losses of around $3.95 billion due to weak security and attacks by hackers linked to state actors.
Scammers are using phishing and fake investment schemes to trick people into losing their money. Authorities around the world are warning investors to stay cautious.
Recent examples include the FBI’s alert about fake FBI tokens on the Tron network, India’s GainBitcoin investigation and U.S. efforts to recover $3.4 million in Tether from a multi-state crypto scam.
