Hong Kong Retiree Loses HK$6.6 Million in WhatsApp Crypto Scams

A 66-year-old retiree in Hong Kong lost his entire life savings of HK$6.6 million, equivalent to about $840,000, in a series of three cryptocurrency investment scams conducted via WhatsApp between September 2025 and January 2026, according to local police reports.

The fraud began in September 2025 when the victim received an unsolicited message from an individual claiming to be a virtual currency investment expert. The scammer promised steady profits and instructed the retiree to transfer HK$1.4 million in cryptocurrency to a specified account. After the funds were deposited, the contact disappeared, leaving the victim with no returns. The retiree promptly reported the incident to authorities but, in an effort to recover the money, searched online for assistance.

This desperation led to the second scam. Another person, posing as a recovery specialist, contacted the victim and offered to retrieve the lost funds in exchange for a HK$600,000 security deposit. The retiree complied, only for that individual to vanish immediately after receiving the payment. Police noted that the victim reported this second deception as well, highlighting a pattern where fraudsters exploit prior losses.