What to know:
- Over six months, a 66-year-old woman was scammed three times by individuals posing as cryptocurrency experts.
- Authorities warn that promises of guaranteed returns or recovery of lost funds are common red flags, and victims of one scam are often targeted again.
A retired woman in Hong Kong lost her entire life savings after falling victim to repeated cryptocurrency scams.
The incident happened over a period of six months, and it involved three separate fraud schemes. Each time, the scammers posed as cryptocurrency experts and promised to help the woman invest or recover lost funds.
According to reports, the 66-year-old woman was first contacted in September 2025 through WhatsApp by someone who claimed to be a professional crypto investor.
The scammer convinced her that they could generate guaranteed profits and guided her to transfer 1.4 million Hong Kong dollars. After she made the transfer, the supposed expert disappeared without any kind of trace.
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Despite realizing she had been scammed, the woman continued searching online for help to recover her money. She soon came across another individual who also claimed to be a cryptocurrency scam expert.
This second scammer promised to help her retrieve her lost funds but asked her for a deposit of 600,000 yuan. Trusting the promise of the new cryptocurrency scammer, she sent the money, only for the scammer to vanish as well.
In January, a third person reached out to her, again through WhatsApp, claiming they could recover all her previous losses at once. But gave her a condition where she would have to purchase cryptocurrency worth 4.6 million yuan and transfer it into a specific account.
Hoping to finally recover her money, she followed the instructions, but the third scammer also disappeared after receiving the funds. By the end of the six months, the woman had lost a total of 6.6 million yuan, wiping out her entire savings.
Similar Pattern of the Three Cryptocurrency Scammers
The three cryptocurrency scammers made use of a similar pattern, using trust and urgency to manipulate the victim. Authorities have warned that such tactics are common in crypto-related fraud cases. Promises of guaranteed profits or claims of being able to recover lost funds are major red flags.
Source: Binance
They also stress that once someone is scammed, they may become a target again, especially by fraudsters pretending to help recover the money.
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