A 67-year-old woman in Hong Kong has been arrested for orchestrating a sophisticated cryptocurrency scam that cost two landlords a combined HK$4.3 million (US$510,000). Police say she posed as a prospective tenant, paid rent upfront to gain trust, and later provided each victim with a free mobile phone that came pre-installed with a cryptocurrency app. While the app itself was legitimate, its links had been secretly altered by the scam syndicate, giving them backdoor access to the victims’ digital wallets.
Once the landlords were lured into a “high-return investment” scheme and transferred funds, the syndicate quietly drained their wallets. One victim lost over HK$1 million, the other more than HK$3 million. The woman was arrested at her home on Monday and is expected to face a charge of obtaining property by deception. Her case will be mentioned at Eastern Court on Thursday. Police have not yet disclosed whether other syndicate members have been identified or detained.
The investigation comes amid a broader crackdown on crypto-related fraud in Hong Kong. Authorities have also been tackling the “Fun Coffee” scheme, which has generated 264 reports since July and estimated losses of HK$107.5 million. Six people were arrested in connection with that case earlier in August. Lawmaker Johnny Ng Kit-chong has urged regulators to freeze company funds and crypto assets as soon as suspicious transactions are detected, warning the public to steer clear of schemes promising guaranteed high returns.
