ChainCatcher reported that according to Sing Tao Daily, the Hong Kong police received a report from a 35-year-old man on April 12, saying that he failed to recover the cash after reselling virtual currency USDT worth about 1 million yuan in a store in Tsim Sha Tsui, and suspected that he was cheated.

After investigation, the Technology and Wealth Crime Unit of the Yau Tsim Police District launched an operation in many districts across Hong Kong on May 13, arresting 3 local men aged between 31 and 34 on suspicion of obtaining property by deception.

The police seized 3,000 ghost money, a safe and a money counting machine in the store. The investigation showed that the arrested man showed the ghost money to the victim and asked him to transfer the virtual currency to a designated wallet, and then refused to hand over the cash under different excuses, causing the victim to lose about 1 million yuan worth of virtual currency.