Hong Kong Launches Probes Into $15.4 Million Crypto Scam by Hounax
It has been just revealed the fact that Hong Kong launched probes into the $15.4 million crypto scam by Hounax. Check out the latest reports about the matter below. Hong Kong launches probes into crypto scam Hong Kong po...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It has been just revealed the fact that Hong Kong launched probes into the $15.4 million crypto scam by Hounax. Check out the latest reports about the matter below.
Hong Kong launches probes into crypto scamHong Kong police are investigating crypto trading platform Hounax following 131 reports of a $15.4 million scam.
Victims aged 19 to 78, including a 69-year-old woman who lost $1.5 million, were lured into investing in cryptocurrency through the platform before being unable to withdraw their funds.
The Securities and Futures Commission in Hong Kong recently labeled Hounax as a suspicious virtual asset trading platform.
According to the SFC, Hounax falsely claimed to be a cryptocurrency trading platform in partnership with a financial institution and a venture capital firm.
The company appears to target Hong Kong investors, with pre-filled +852 field in its user log-in page and social media channels on Facebook, X (formerly Twitter), and YouTube under the name “Hounax Hong Kong.”
Urging SFC to a more proactive approachIn a recent interview with Now.com, Hong Kong lawmaker Johnny Ng urged the SFC to take a more proactive approach in contacting unlicensed crypto trading platforms to identify problematic firms earlier and prevent risks.
The police force is investigating Hounax following the authorities’ September investigation into JPEX, another crypto trading platform.
According to a report by the Hong Kong Economic Journal, as of Sunday, the police have received reports from 2,623 victims, with around HK$1.6 billion involved in the case.
Currently, 66 people related to the case have been arrested by the police. In a recent development, the chief partner of JPEX Taiwan and a lecturer were detained by Taiwan prosecutors earlier this month on suspicion of violating banking and anti-money laundering laws.
Stay tuned for more juicy news from the crypto space and make sure to keep an eye on the market as well, big moves are reportedly coming.
Why this matters
This security story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Binance Blocks 11 Crypto Platforms in Major Compliance Move Affecting User Funds
Key Takeaways: Binance will suspend trading for 11 crypto platforms starting August 23, 2026. Among the restrictions are also HTX...
A Bitcoin treasury with $67 million in BTC has just $5,397 in cash and needs money immediately
Bitcoin treasury holder CIMG Inc. said in its Aug. 13 quarterly filing that it needs to raise capital immediately, even though it...
Another public company abandons Bitcoin playbook after treasury volatility drove $22 million loss
KULR Technology Group has exited Bitcoin mining, repaid its Coinbase debt, and begun selling its BTC holdings as the battery techn...
Binance Blocks HTX and EXMO. Sixteen Platforms Cut Off Amid Sanctions Push
For brokers, part of the counterparty due diligence now happens upstream, as exchanges start filtering out sanctioned platforms be...
Latest Gemini earnings expose crypto’s new exchange reality – more total revenue, less crypto trading
Gemini’s second-quarter revenue rose as its credit-card business expanded. But the core exchange shrank, while operating costs and...
Israeli Bank Leumi to Debut Bitcoin Trading With Galaxy Digital
Bitcoin Magazine Israeli Bank Leumi to Debut Bitcoin Trading With Galaxy Digital Israel’s biggest bank, Bank Leumi, will become th...