Hong Kong man loses nearly HK$18M in crypto scam that started with a YouTube ad

A man in his 70s in Hong Kong lost nearly HK$18 million to a fake investment group, Hong Kong police revealed on November 13, 2026.

The case is the largest individual loss reported in the latest wave of online investment fraud. Police also recorded over 40 similar scams in a single week, with combined losses of nearly HK$50 million.

How a YouTube ad turned into an HK$18 million loss

The victim first came across an investment advertisement on YouTube in June 2026.

After he responded, the scammers presented themselves as investment consultants. They then added him to a WhatsApp group.

Inside that group, members shared fabricated screenshots of trading profits. The goal was to build his confidence in digital asset trading, and it worked.

Between August and October 2026, the victim moved large sums out of his bank account to buy into the supposed opportunity. He sent over HK$18 million worth of USDT and ETH to wallet addresses the scammers specified.

The scheme unraveled in early October, when the victim’s son stepped in. That intervention led to the realization that the whole operation was a fraud.

By then, most of the money was gone. The victim recovered only around HK$800,000 worth of USDT.

One case in a much larger pattern

Between November 6 and 13, 2026, over 40 similar reports were filed with police. Total losses across those cases reached nearly HK$50 million.

Authorities flagged several recurring tactics. Scammers stage group success stories, fill chats with fake profit testimonials, and direct victims to send funds to unknown wallet addresses.

Another favored move is allowing small withdrawals early on. A victim pulls out a modest sum, sees it arrive, and concludes the platform is legitimate.

Police reiterated their warnings to the public. They urged people to avoid unsolicited investment ads on social media and video platforms.

They also cautioned against trusting strangers who claim investment expertise. And they stressed independent verification before sending money anywhere, especially to unfamiliar digital wallets.

Why the playbook keeps working

The victim engaged in June but did not start transferring funds until August, which suggests a period of trust-building before the scammers asked for real money.

Transfers continued across roughly three months before anyone outside the operation raised an alarm.

The partial recovery of about HK$800,000 in USDT shows that some clawback is possible. It also shows how little of the total that typically ends up being.