Hong Kong police have arrested three men at a currency exchange shop in Tsim Sha Tsui, a major tourist area, for allegedly presenting “hell money” to a customer, leading the customer to transfer approximately HK$1 million ($128,206) worth of cryptocurrency in exchange for cash. The suspects, aged between 31 and 34, were detained on suspicion of obtaining property by deception.
Hong Kong Police Arrest Three in 'Hell Money' Cryptocurrency Scam
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The police seized 3,000 hell banknotes, a safe, and a note-counting machine. Hell banknotes are ceremonial paper money used in traditional Chinese culture. The victim reported being unable to retrieve cash after selling tether ( USDT) at the shop. The suspects allegedly convinced the victim to transfer the cryptocurrency to their wallet, then made excuses and left without providing the cash. The police advise using reputable cryptocurrency exchange shops and verifying the authenticity of banknotes.
