Authorities in Hong Kong arrested three individuals for allegedly scamming a businessman out of HK$3.11 million (US$399,000) in cryptocurrency. The fraudsters promised to exchange the victim’s cryptocurrency for cash but handed over counterfeit HK$1,000 banknotes instead.
The scam involved placing genuine notes on top of three bundles of bank training notes. The victim transferred his HK$3.11 million in USDT to the scammers’ wallet before realizing the deception. Training notes resemble real currency but lack watermarks and have “practice coupon” printed in Chinese characters.
The operation took place in Mong Kok, with authorities seizing 10,978 forged banknotes. The suspects face up to 10 years in jail for deception and 14 years for counterfeit note offenses. Similar scams in Hong Kong recently led to the seizure of HK$2.55 million in fake notes.
This incident underscores the growing risks in cryptocurrency transactions and the need for vigilant security measures.
