Hong Kong Police Arrest Perpetrator of "Ming Coin" Fraud, Has Made Millions

Bittime - Hong Kong law enforcement officials have arrested a group of fraud suspects who allegedly embezzled about 1 million yuan (US$153,000) worth of virtual currency from a victim. This elaborate scheme reportedly involved the use of a fictitious digital asset – “Ming Coin.”

Ming Coin Victims Report Losing Millions

According to a report filed with Hong Kong police on April 12 by a 35-year-old man, the incident occurred at a shop in Tsim Sha Tsui. 

The victim said he tried to resell about 1 million yuan worth of USDT (Tether) - a popular cryptocurrency pegged to the US dollar. However, after the supposed transaction, the victim was unable to obtain the promised cash, raising suspicions of fraud.

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Strict Action Policy

Encouraged by the victim's report, the Yau Tsim District Technology and Wealth Crimes Team began an investigation. On May 13, their efforts culminated in coordinated operations in several districts of Hong Kong. The operation resulted in the arrest of three local men, aged between 31 and 34, on suspicion of "obtaining property by fraudulent means."

Seized Evidence Indicates Fraud

Authorities confiscated a large amount of evidence from the store, including:

• 3,000 "Ming Coins" (suspected fake digital currency)
• Safe
• Teller machine

The investigation showed that the perpetrators used fraudulent tactics. They most likely show the victim a large amount of cash, thereby convincing the victim to transfer USDT to the specified cryptocurrency wallet. 

However, after the transfer was completed, the suspects allegedly made up excuses to avoid handing over the promised cash, ultimately defrauding the victims out of their virtual currency.

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Authorities Continue Investigation

Hong Kong police are likely to continue their investigation to uncover the entire operation, including the purpose and origin of the fake "Ming coins." This case is an important reminder of the evolving tactics used by cybercriminals and the importance of caution when conducting cryptocurrency transactions, especially in person.

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Also read:

Cryptocurrency Fraud in Japan: Increasing Steps Through New FSA Regulations

South Korean Prosecutors Successfully Seize Millions of Crypto from Fraudsters' Hidden Wallets

North Korean Hackers Use 'Durian' Malware to Attack South Korean Crypto Companies

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.