Hong Kong police issued a public warning after more than 80 fraud cases were reported in a single week, with total losses exceeding HK$80 million ($10.2 million). Two cases accounted for $1.24 million in stolen crypto assets, exploiting buzzwords like 'AI-driven trading' and emotional manipulation.

In the first case, a victim transferred 17 transactions of USDT and Ethereum to a scammer posing as a quantitative trading expert. The fraudster used Telegram to promote guaranteed returns through 'AI algorithms,' directing the target to a fake investment platform. Withdrawal requests were systematically blocked.

The second case involved a romance scam targeting a woman over 50. A fraudster cultivated trust over months on Instagram before funneling funds to a counterfeit exchange. Both schemes highlight criminals' use of crypto's speculative allure and technical jargon to bypass skepticism.