Hong Kong Sees Surge in Crypto Fraud Cases: Data Reveals Over 3415 Incidents in 2023

Hong Kong Sees Surge in Crypto Fraud Cases: Data Reveals Over 3415 Incidents in 2023



Hong Kong police have reported a notable increase in cryptocurrency-related fraud cases, with a rise from 2,336 incidents in 2022 to over 3,415 in 2023, resulting in losses amounting to HK$4.33 billion (approximately $553 million). Over 90% of these incidents were categorized as fraud.



Since mid-2023, Hong Kong has emerged as a favorable environment for cryptocurrency trading, backed by a structured regulatory framework. This is in stark contrast to mainland China, where cryptocurrency trading has been prohibited since December 2021. Despite being part of China, Hong Kong's supportive stance towards cryptocurrency is reinforced by Chinese government agencies endorsing crypto adoption in the region.



The data highlights two primary types of fraud employed by scammers on virtual asset service platforms. The first involves deceiving


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#Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #HongKongSFC, #News, #Regulations

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