Hong Kong Police Bust Crypto Scam Using Fake Banknotes
Police in Hong Kong have arrested three individuals accused of stealing HK$3.11 million (~$400,000) worth of Tether (USDT) using fake banknotes. The suspects allegedly convinced a 44-year-old businessman to convert his USDT, showing him bundles of cash that appeared to be real. They then instructed him to transfer his USDT into their crypto wallet.
However, the catch was that the bundles of cash were mostly fake. The source stated that except for two real banknotes placed on the top and bottom of each bundle, the rest were bogus bills known as “training notes.”
After the transfer, the businessman attempted to inspect the banknotes but was refused by the employees, who claimed they hadn’t received instructions from the store manager.
The businessman reported the incident to the police last Friday. On Monday, police raided the offices and seized 10,978 forged HK$1,000 banknotes.
The notes appeared real, despite having Chinese text printed on them that said “practice coupon” and lacking watermarks.
The police arrested a 42-year-old woman, a 24-year-old man, and a 40-year-old man, accusing them of obtaining property by deception and possession of counterfeit banknotes. The three are also being questioned about similar instances of crypto conversion scams.
If found guilty, they could receive a maximum of 10 years in jail for obtaining property by deception and 14 years for the illicit use of fake banknotes.
This incident highlights the increasing sophistication of crypto scams. It is important to be cautious when dealing with crypto conversions and to always verify the legitimacy of any person or organization involved.
