Fake romance crypto investment scams net $9 million in a single week in Hong Kong, as Malaysian authorities lose it over a crypto conference’s after-party.
An insurance agent in Hong Kong was fleeced out of $3.3 million after her fake online boyfriend convinced her to invest in a fraudulent crypto application. There were 25 similar romance-linked fraud cases reported to Hong Kong police between July 24 and July 30, which collectively defrauded lonely hearts of $9 million.Scammers typically connect with victims through dating or messaging apps and sometimes spend months building a rapport before dropping the idea of investing in crypto. They direct victims to a site that appears to be a legitimate trading application. It displays fake profits to encourage victims to invest more and more funds. Victims typically realize they have been scammed when they are unable to withdraw funds. Hong Kong news in brief
— Hong Kong-licensed cryptocurrency exchange HashKey Exchange received approval from JPMorgan Chase to open a client money account, its parent company said.
— A Vietnam-linked scheme called Fun Coffee that promised annual returns of up to 222% has imploded in Hong Kong. Authorities say it was a virtual currency scam.
Fresh from booting out the Network School over hosting Israelis, Malaysia’s Government withdrew its support for Malaysia Blockchain Week over an after-party featuring an influencer previously known for adult content. A conservative social media backlash erupted after promotional material for an after party featuring local DJ and actress Siew Pui Yi circulated. She built up a large following on OnlyFans, but hasn’t been on the platform since 2022. That said, don’t go searching for her name on X if you are at work, as some pretty NSFW content shows up. She now 22 million followers on Instagram.
Event organizers were forced to apologize to the Ministry of Digital and the Malaysia Digital Economy Corporation, and cancelled the performance and scrubbed any mention of it from the website.
China Business Journal, a state-affiliated newspaper, has warned that fraudsters have been impersonating the publication to extort companies by demanding Bitcoin in exchange for suppressing damaging reports.
The newspaper said scammers used a Proton Mail address to contact businesses, falsely claiming they had uncovered negative information through undercover investigations and threatening to publish the material unless paid in Bitcoin.
— Researchers from China’s national police academy claim to have invented a new AI system that can detect illegal crypto transactions with nearly 90% accuracy.
—China detained 16 people for crypto money laundering tied to telecom fraud.
Crypto prime brokerage FalconX has laid off 10% of its global workforce as it prepares for a prolonged downturn in the cryptocurrency market, Bloomberg reported Monday.
Citing people familiar with the matter, the publication reported FalconX is slashing staff and reshaping its strategy in Singapore by focusing on crypto derivatives trading. It plans to withdraw its license application with the Monetary Authority of Singapore. The company intends to maintain its presence in Asia while expanding its European business.
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