According to Odaily, on April 12, a 35-year-old man reported to the Hong Kong police that he was unable to recover cash after reselling approximately HKD 1 million worth of the virtual currency USDT in a shop in Tsim Sha Tsui, suspecting he had been defrauded. Following an investigation by the Yau Tsim District Technology and Wealth Crime Unit, three local men aged between 31 and 34 were arrested on May 13 in various parts of Hong Kong, suspected of obtaining property by deception. The police seized 3,000 hell notes, a safe, and a cash counting machine from the shop.
The investigation revealed that the arrested men showed the victim hell notes and asked him to transfer the virtual currency to a designated wallet. They then refused to hand over the cash using various excuses, resulting in the victim losing approximately HKD 1 million worth of virtual currency.