April 1, 2023

enforcement agencies, losses relating to crypto scams only constituted just over 10% of the nearly 23,000 reported technology crimes. This suggests that while crypto scams are on the rise, they are still a relatively small portion of the overall technology crime landscape.

The report also highlighted the various tactics used by scammers to defraud victims, including phishing emails, fake investment schemes, and social media scams. In many cases, victims were lured in by promises of high returns on their investments, only to have their funds stolen by the scammers.

Hong Kong authorities have been working to crack down on crypto scams, with the police launching a dedicated task force to investigate such crimes. However, the report noted that the anonymous nature of cryptocurrencies can make it difficult to track down the perpetrators of these scams.

In response to the rising number of crypto scams, experts have urged investors to exercise caution when investing in cryptocurrencies. They advise investors to do their research, only invest what they can afford to lose, and be wary of any investment opportunities that seem too good to be true.

Overall, the report highlights the need for continued vigilance in the fight against crypto scams. While they may only constitute a small portion of technology crimes, the significant losses incurred by victims make them a serious threat that must be addressed.

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