Hong Kong Police Busts "Rug Pull" Stablecoin Fraud Case, Seizes HKD 3 Million in Cash and Arrests Three

BlockBeats News, August 30th. According to Hong Kong Wen Wei Po, Inspector Tsang Kin Wah of the Hong Kong Central Police District's Technology and Wealth Crime Unit revealed the resolution of a "Blessing Scam" stablecoin fraud case. A 77-year-old woman carried 3 million Hong Kong dollars in cash to a virtual currency exchange shop on Wellington Street in Central to purchase a stablecoin but was deceived by the staff using a "fake blessing." The Hong Kong police used the "Sharp Eye Plan" footage, conducted a thorough investigation and intelligence analysis, and arrested 3 male and female fraudsters within three days of the incident. They are currently charged with obtaining property by deception and are actively investigating other suspects and the recovery of the remaining proceeds of the crime. More arrests are not ruled out.

Note: "Blessing Scam" is a term used in Hong Kong to describe a type of fraud where victims are persuaded to give money or valuables with the promise that it will bring them good fortune but are ultimately cheated by the perpetrators.