Hong Kong police warn of AI crypto scam: $1.24M stolen via USDT/ETH and romance cons
Hong Kong police say two victims lost about HK$9.7 million (US$1.24 million) in separate crypto scams, underscoring the risk of an ongoing “AI crypto scam” wave.
In the first case, a woman was contacted on Telegram by an alleged “investment expert.” The fraud used AI-driven/quantitative trading language and “guaranteed profits” claims to lure her to a fake website. She sent USDT and ETH in 17 transfers and then saw withdrawals blocked with excuses.
In the second case, a woman over 50 was manipulated through romance messaging on Instagram. The scammer later promoted a “guaranteed return” crypto investment plan, asking for a HK$40,000 handling fee. She exchanged cash for USDT at a physical shop multiple times before transferring it to the con artist’s wallet. After the transfers, the scammer vanished.
Police report 80+ similar online investment fraud cases in one week, with losses above HK$80 million. For traders, this is mainly a market-trust and sentiment risk, especially around USDT/ETH transfers.
Actionable takeaway: treat any “AI trading” promise as a red flag, verify websites and withdrawal policies before sending funds, and use official due-diligence channels.
Neutral
This news is unlikely to move the direct price of USDT or ETH in a sustained way, so the immediate price impact should be limited. However, repeated reports of AI crypto scams and blocked withdrawals can reduce retail willingness to speculate, reinforce caution around USDT/ETH deposits, and increase short-term attention to custody/withdrawal integrity. Over the long term, if fraud enforcement or public warnings lead to fewer retail inflows into risky products, that can weigh modestly on trading activity and liquidity sentiment. Net effect is more about behavior and trust than fundamental demand for USDT/ETH, resulting in a neutral overall impact.