Hong Kong police crack down on stablecoin fraud case involving HK$3 million in cash and arrest three people

ChainCatcher news, according to Hong Kong Wen Wei Po, Inspector Tsang Kin Wah of the Technology and Wealth Crime Unit in the Central District of Hong Kong disclosed the resolution of a stablecoin fraud case. A 77-year-old woman brought 3 million Hong Kong dollars in cash to a virtual currency exchange shop on Gough Street in Sheung Wan to purchase stablecoins, only to be deceived by the staff using a fake safe.

The Hong Kong police utilized the Sharp Eye program's footage and, after in-depth investigation and intelligence analysis, arrested three male and female fraudsters within three days of the incident. They are currently charged with obtaining property by deception and are pursuing other suspects and remaining stolen funds, with the possibility of more arrests not ruled out.

Note: "夹万" is a term in Cantonese referring to a safe or vault. It is a security device typically used to store valuable items such as jewelry, precious metals, cash, and important documents like wills and deeds.