The scale of losses from digital asset scams in Hong Kong surged to record levels as the local police detected 496 such cases in the first six months of this year. Victims parted with over $27 million, with one individual losing nearly $16 million.
Crypto Scams in Hong Kong Are Booming
According to a recent report by South China Morning Post, crimes involving virtual currencies in Hong Kong rose significantly in the first six months of 2021 and reached a total of nearly $27 million. In comparison, the losses stood at less than $15 million across the whole of last year.
Lester Ip Cheuk-yu – Chief Inspector and head of the police’s cybersecurity and technology crime bureau – explained that the main reason behind the issue is the COVID-19 pandemic. He argued that people browse the Internet much more since they work from home, and thus hackers can target them easier:
“People have also been staying at home more, which means they spend longer on the internet, so scammers have more av

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