Hong Kong police received more than 40 investment scam reports in the past week, with total losses exceeding HK$50 million. According to Foresight News, one victim, a man in his 70s, received a WhatsApp message from a stranger claiming to be a Singapore-based crypto investment expert.

He was instructed to open a wallet, buy USDT and ETH, download a fake investment app provided by the suspect, and transfer assets to a designated address. The app initially showed profits, prompting him to invest more, but when he tried to withdraw funds, the request was rejected. He later realized he had been scammed and lost more than HK$13 million.