HK$14 million, 21 people reported it, 4 arrested: a scheme passing off OTC shares as digital assets 🦖
📣 盘面异动群里喊
The Commercial Crime Bureau of the Hong Kong Police is investigating a company called BBB Group, whose Chinese name is 好好好集团 (Good Good Good Group). It claims to invest in the agarwood industry in Malaysia, while selling OTC shares and digital assets. It also promised to convert investors’ OTC shares into cryptocurrency by February 2027 at the latest.
As of today, 21 investors have reported the case, involving a total of HK$14 million—an average of about HK$667,000 per person. Police have opened a case on suspicion of conspiracy to defraud, and 4 people have been arrested.
What we should really be wary of isn’t agarwood, but the sales pitch: first, they sell you an invisible, intangible plantation; then they give you a certificate for OTC shares; finally, they say it will all be converted into digital assets in the future, pushing the payout date months down the line. There’s no on-chain address, no custodian, and no redemption terms anywhere in the process—just a timeline.
The Hong Kong Securities and Futures Commission’s website has already listed four products as suspicious investments: Malaysia Agarwood Plantation Investment, Agarwood Tree Scheme, Agarwood Potted Trees, and APT4. This means regulators had publicly warned people about the risks before the police made any arrests. Many people simply didn’t check.
My take is that we’ll see more cases like this, as the tokenization narrative gains momentum. Genuine tokenized securities have a contract address, a licensed custodian, and a clear redemption process. Fakes have only a story and a date. The test is simple: ask them to show you the on-chain contract and custody arrangements on the spot. If they can’t, they don’t have them.
HK$14 million, 21 families, 4 people—behind these figures is a very old scam in a new disguise ⚠️
Has anyone around you been persuaded by claims about converting OTC shares into digital assets? Share your thoughts in the comments 📉
I bring you the latest in crypto regulation every day—not just what’s happening in the news, but also the logic and opportunities behind it 👀🚀
📣 盘面异动群里喊
The Commercial Crime Bureau of the Hong Kong Police is investigating a company called BBB Group, whose Chinese name is 好好好集团 (Good Good Good Group). It claims to invest in the agarwood industry in Malaysia, while selling OTC shares and digital assets. It also promised to convert investors’ OTC shares into cryptocurrency by February 2027 at the latest.
As of today, 21 investors have reported the case, involving a total of HK$14 million—an average of about HK$667,000 per person. Police have opened a case on suspicion of conspiracy to defraud, and 4 people have been arrested.
What we should really be wary of isn’t agarwood, but the sales pitch: first, they sell you an invisible, intangible plantation; then they give you a certificate for OTC shares; finally, they say it will all be converted into digital assets in the future, pushing the payout date months down the line. There’s no on-chain address, no custodian, and no redemption terms anywhere in the process—just a timeline.
The Hong Kong Securities and Futures Commission’s website has already listed four products as suspicious investments: Malaysia Agarwood Plantation Investment, Agarwood Tree Scheme, Agarwood Potted Trees, and APT4. This means regulators had publicly warned people about the risks before the police made any arrests. Many people simply didn’t check.
My take is that we’ll see more cases like this, as the tokenization narrative gains momentum. Genuine tokenized securities have a contract address, a licensed custodian, and a clear redemption process. Fakes have only a story and a date. The test is simple: ask them to show you the on-chain contract and custody arrangements on the spot. If they can’t, they don’t have them.
HK$14 million, 21 families, 4 people—behind these figures is a very old scam in a new disguise ⚠️
Has anyone around you been persuaded by claims about converting OTC shares into digital assets? Share your thoughts in the comments 📉
I bring you the latest in crypto regulation every day—not just what’s happening in the news, but also the logic and opportunities behind it 👀🚀