Hong Kong Police Warn Against AI-Based Crypto Investment Scams

Hong Kong police have revealed a scam involving 'AI quantitative trading' that led to a woman losing approximately HKD 7.7 million. According to Odaily, the fraudsters posed as 'investment experts' and contacted the victim via Telegram, claiming they could achieve stable high returns using 'quantitative trading' and 'AI algorithms.' The victim transferred USDT and ETH worth about HKD 7.7 million to specified addresses over 17 transactions. She realized she had been deceived when her withdrawal attempts were rejected. Hong Kong police caution that while cryptocurrencies have high potential returns, they also come with high volatility and risk. They warn the public to be wary of scams promising high returns, low risk, and low entry barriers.