A 25-year-old entrepreneur from mainland China is reported to have been detained and assaulted at a hotel in Hong Kong, forced to hand over his crypto wallet password, resulting in property damage worth over 6 million Hong Kong dollars (approximately 680,000 USD), according to reports from TVB News.
According to information from the police, the victim had arranged to meet several people at the hotel in Hung Hom to discuss a silver trading deal. However, during the meeting, he was attacked and restrained by four men from mainland China.
The group of suspects is said to have forced the victim to provide the password to their digital asset wallet, subsequently transferring crypto worth approximately 680,000 USD. Not stopping there, the perpetrators continued to the victim's company and took away 42 kg of silver.
The total damage from the incident is estimated to exceed 6 million HKD.
By the early morning of the next day, after being released, the victim reported to the police. When law enforcement arrived at the scene at the hotel, four suspects had already left.
Police reported that the victim was injured on the face, arms, and calves. The incident is currently classified as 'unlawful detention' and 'extortion', under investigation by the serious crime investigation team from Kowloon City.
This incident once again highlights the growing security risks for holders of digital assets, especially in direct transactions outside the traditional financial system.
Robberies targeting crypto investors are increasing in Hong Kong.
The latest incident reflects the trend of crime directly targeting holders of digital assets, rather than attacking exchanges. This form is often referred to as a 'wrench attack' – when the attacker uses violence or threats to force the victim to transfer crypto or provide wallet keys.
Earlier, Hong Kong had also recorded many similar incidents. In 2024, a 19-year-old was lured to a hotel room under the pretext of a crypto transaction. Upon arrival, he was attacked by a group of people and forced to hand over approximately 180,000 HKD earned from digital asset transactions.
Additionally, reports on crypto crime indicate that robberies targeting personal wallets are increasing worldwide. According to data from Chainalysis, over 23% of the money stolen in 2025 was related to direct attacks on individuals – including kidnappings or coercion to gain access to digital asset wallets.
In the context of Hong Kong's efforts to become the digital asset hub of Asia, experts suggest that such crimes pose significant security challenges for investors. Many recommendations have been made, such as avoiding direct transactions with strangers, limiting the disclosure of information about the amount of assets held, and using secure custody solutions to reduce the risk of being targeted.