Hong Kong police will constantly inform the public about cryptocurrency fraud

Hong Kong police have started publishing details of cryptocurrency fraud cases. Law enforcers hope that the public will take note of valuable lessons from cases in which people lost thousands of dollars to cryptocurrency villains.

The move is part of an Eastern District police program called Operation Shield, a campaign aimed at «raising awareness and preventing fraud.» Officers claim that fraud cases in Hong Kong are on the rise, with cryptocurrency fraud showing a particularly rapid trend. The police said that on average, fraudsters steal about 2.5 million USD every day. Law enforcement officials promise to publish their cases in a monthly magazine.

In recent years, the number of frauds involving USDT and other stable cryptocurrencies pegged to the US dollar has been increasing in both Hong Kong and mainland China. As Beijing has been cracking down on the cryptocurrency market in recent years, access to crypto assets (including BTC) is becoming more problematic. As a result, mainland traders are seeking to obtain USDT and other stablecoins by trying to buy bitcoins on the OTC markets. This leads to a surge in fraud.