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A man in Hong Kong, China, was scammed out of 1.6 million USDT by a fake cryptocurrency exchange. The suspect is still at large.

1 hours ago

**News Brief (June 12)** Hong Kong local media reported that on June 5, a man in Hong Kong filed a police report alleging he was scammed out of 1.6 million USDT—equivalent to roughly HKD 14 million—during a virtual currency trade with a fraudulent exchange. Following an initial investigation, police classified the case as "obtaining property by deception" and referred it to the Criminal Investigation Team of the Mong Kok Police District’s Tenth Team for follow-up. No arrests have been made in connection with the case to date. Hong Kong police issued a public reminder that obtaining property by deception is a serious crime. Convictions for such offenses carry a maximum penalty of 14 years in prison.
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