Hong Kong police's "code language" arrest operation dismantles a local cryptocurrency scam group, involving an amount of 360 million Hong Kong dollars

ChainCatcher news, the Hong Kong police have launched an operation called "Code Words" to make arrests, assisted by personnel from the Cyber Security and Technology Crime Bureau in gathering evidence related to online and cryptocurrency transactions. They have dismantled a local scam group involved in cryptocurrency, arresting 27 individuals and defrauding a total of up to 360 million Hong Kong dollars. Superintendent Yiu Wing-kin from the New Territories South Criminal Headquarters stated that the scam group primarily used online romantic relationships to lure victims into investing in cryptocurrency. To facilitate their fraudulent activities, the group employed technology specialists, including graduates from local universities majoring in digital media, for technical support, and collaborated with overseas scammers to set up a fake cryptocurrency platform.