Mainland virtual currency scam hits Hong Kong, over 100 Hong Kong residents deceived, police arrest 4 people

According to BlockBeats, on July 18th, Caixin reported that a virtual currency investment scam in mainland China has spread to Hong Kong, with at least 118 people falling into the scam and a total loss of approximately HKD 3.2 million. The Hong Kong police revealed that on July 15th, four Hong Kong locals were arrested on charges of "conspiracy to defraud". They were suspected of organizing promotional dinners for a virtual currency scam in mainland China, soliciting victims and collecting HKD 3.89 million in fraudulent funds. Except for a small amount of funds that were withdrawn, the remaining HKD 3.2 million has not been recovered yet.