From Hong Kong With Love

A new form of cryptocurrency fraud has been identified in Hong Kong. As a result of the scam, the victims suffered losses in the tens of millions of US dollars.

Hong Kong is emerging as a hub for new cryptocurrency scams.

Due to anonymity and popularity, the idea of ​​enrichment with cryptocurrencies has been around for a long time and is attracting more and more people. This scam has nothing to do with business or investment. On the contrary, it is associated with matters of the heart, the search for relationships, love and romance.

According to the Hong Kong police, the fraud is based on psychology and takes place with the help of dating sites so popular recently on the Internet.

A scammer or fraudster, getting to know a potential victim through a dating site, begins intensive communication. The purpose of communication is to build trust and win over the victim as much as possible. After the communication turns into a romantic or confidential form of communication, the fraudster begins to devote the victim to his life problems. Telling stories about the difficulties of life, family problems, sudden financial difficulties, health problems, `` I want to come to you, but there is no money for a ticket, '' to the point that there is nothing to eat, etc.

By placing the victim towards himself, playing on empathy, feelings of love, or simply on humanity. Fraudsters are asking to take financial part in solving one of all the above problems by transferring them a certain amount of money in cryptocurrency. 

Naturally, most of the victims, without any doubt, made a transfer in cryptocurrency, in the hope of helping or simply taking part in the life of their beloved, lover, or just a new `` best friend ''.

Hong Kong police officials say the fraud victims suffered multimillion-dollar damages. Every month, the police register 70 to 80 such cases. In the last six months alone, the amount of damage exceeded $ 18 million. 

Cryptocurrency scams have been around since its inception. But in light of the events taking place over the past year, especially due to the coronavirus pandemic, it has gained particular popularity. Anonymity and convenience in using cryptocurrency, gives a feeling of impunity and the ability to get out of the water attracts more and more fraudsters to build scam schemes. 

As we see today, anyone can become a victim of fraudsters, be it a famous person, a politician, or, using the example of Donald Trump, even the president of a state like the United States of America.