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A 70-year-old man in Hong Kong falls victim to an encryption love eyewash.
According to Hong Kong Wen Wei Po, a retired 70-year-old man in Hong Kong received a message on WhatsApp from someone claiming to be his female neighbor, which developed into a romantic relationship, although they had never met in person. The woman claimed to work at the Singapore exchange and had insider information on some Crypto Assets investments, falsely stating that he would receive substantial returns. The elderly man transferred a total of 3.2727 million Hong Kong dollars to 34 bank accounts provided by the woman in 37 transactions. It was not until the elderly man reached the ATM withdrawal limit and went to the bank to withdraw a large amount of cash that the bank staff noticed something unusual about the transactions and immediately alerted the anti-fraud coordination center, which eventually uncovered the eyewash. The elderly man lost over 3.27 million Hong Kong dollars and incurred nearly a million in debt as a result. The Hong Kong police stated that in the past two weeks, they have received nearly 20 reports of online romance fraud related to investments, with 40% of the victims over 60 years old, suffering total losses of over 10 million Hong Kong dollars.