Hong Kong’s crypto scam losses in 2022 more than double from … – Yahoo Finance

Hong Kong police received 67% more scam reports related to cryptocurrencies in 2022, as the city looked to regain its status as a crypto hub, according to a report by South China Morning Post (SCMP) on Tuesday.

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Fast facts

• Losses from crypto scams in Hong Kong more than doubled from 2021 to HK$1.7 billion (US$216.6 million) in 2022, accounting for more than half of losses in computer-related crime.

• Computer-related crimes – including cyber attacks and online scams – in Hong Kong rose from 16,159 in 2021 to 22,797 in 2022, according to InfoSec, an information security website by the Hong Kong government.

• It is typically difficult for the police to track and trace scammers given the anonymous nature of crypto transactions, an unnamed source told SCMP.

• Crypto-related crimes are on the rise in Hong Kong as the city seeks to reclaim its status as a global crypto hub. Local authorities plan to introduce a …

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