# Six Months on the Hook: "Crypto Experts" Scammed a Pensioner Three Times Out of $840 000

Victim transferred money to fraudsters three times over six months.
Scammers promised profit and help recovering stolen funds.
Total damage amounted to approximately 6.6 million Hong Kong dollars.

A 66-year-old Hong Kong resident became a victim of a series of interconnected cryptocurrency scams and lost approximately $840 000. This was reported by the city police's CyberDefender division.

According to law enforcement, all three incidents occurred within six months. The scammers contacted the victim through WhatsApp, posing as "cryptocurrency investment experts" and promising stable profits.

The first attack occurred in September 2025.

One of the perpetrators convinced the pensioner to transfer approximately $180 000 and deposit cryptocurrency into a wallet he controlled, after which he cut off contact. The victim reported the incident to police.

Unable to accept his losses, the man later found another "specialist" online who offered to help recover the stolen funds. However, he demanded a deposit of $75 000. After receiving the money, the scammer also disappeared.

In January 2026, a third perpetrator contacted the victim, promising to return all previously invested funds. He convinced the pensioner to purchase cryptocurrency for $585 000 and send it to a specified address.

After the transfer, contact was cut off again.

Police Warning

As a result, total losses over six months amounted to approximately $840 000. Police emphasized that this case demonstrates how scammers can repeatedly target the same victim, combining different schemes.

"In life there may not be a second chance, but fraud can have three," stated CyberDefender.

The department added that promises of "guaranteed profit" and "insider information" are key indicators of fraud.

The incident occurred against the backdrop of rising cryptocurrency-related crimes. According to Hacken, Web3 platform losses in 2025 reached approximately $3.95 billion.

Hong Kong authorities are also registering an increase in phishing attacks and investment schemes targeting cryptocurrency users. According to law enforcement, this particularly heightens risks for private investors.