On July 18, according to Caixin's report, virtual currency investment scams from mainland China have spread to Hong Kong, with at least 118 people falling victim to the scheme, suffering total losses of approximately 3.2 million Hong Kong dollars.
Hong Kong police revealed that on July 15, they arrested 4 local Hong Kong residents on charges of "conspiracy to defraud". These individuals are suspected of organizing promotional dinners for mainland virtual currency scams, recruiting victims and collecting fraudulent funds totaling 3.89 million Hong Kong dollars. Apart from a small amount of funds that were withdrawn, approximately 3.2 million Hong Kong dollars remain unrecovered.
