Massive $18.9 Million Crypto Scam Hits Hong Kong, 145 Victims Reported

Key Takeaways

Hounax defrauded 145 users in Hong Kong, leading to a loss of $18.9 million.
The platform falsely claimed legitimacy and used social media for recruitment, joining a list of nine suspicious crypto platforms flagged by the SFC.
The scam is part of a trend of crypto fraud in Hong Kong, prompting the launch of stricter regulations for the sector.

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