Virtual Asset-Related Crimes Surge in Hong Kong

According to Foresight News, data from the Hong Kong police force indicates a significant increase in crimes involving virtual assets. The number of such cases rose from 2,336 in 2022 to over 3,415 in 2023, involving a total of HKD 4.3 billion. Over 90% of these cases were fraud-related. An analysis by the 'Technology Crime Advisory Group', established by the Hong Kong Police Force in December 2022, revealed that scams related to virtual assets mainly fall into two categories. The first category involves fraudsters tricking victims into transferring cryptocurrencies, known for their anonymity, into the fraudsters' virtual wallets. The second category involves fraudsters deceiving victims by using virtual asset investments as a front. The group believes that in addition to enhancing public awareness of virtual assets, it is crucial to ensure proper regulation of virtual asset platforms. This is to combat criminals who exploit cryptocurrencies for fraud or money laundering.