Hong Kong seized over 11,000 fake banknotes as part of a crackdown on crypto scams.

A scheme comprising of millions in cryptocurrency and counterfeit banknotes has been exposed by authorities in Hong Kong.

Important aspects:

• A total of three individuals were apprehended for cheating a businessperson out of HK$3.11 million in Tether currency.
• During a raid on an office in Mong Kok, the police confiscated 10,978 fake HK$1,000 bills.
• The counterfeit bills were known as “training notes” and frequently employed in banks located within mainland China.
• The number of counterfeit HK$1,000 bills seized exceeds the total amount discovered in 2023.

Three individuals suspected of running a sophisticated scam have been arrested by Hong Kong authorities, as reported by SCMP. The police raid in Mong Kok led to the uncovering of this operation.

USDT Exchange Involved in Crypto Scam that has been Unveiled.

The scheme revolved around the trading of USDT but was exposed as a substantial hoard of fake Hong Kong dollars.

The apprehensions are a result of an occurrence in which a male entrepreneur, aged 44, purportedly lost USDT equaling roughly $399,000 or HK$3.11 million due to deceitful means.

Under the guise of offering a favorable exchange rate, the perpetrator enticed their target to an office with promises of converting their cryptocurrency into cash.

Upon arrival, they showed counterfeit HK$1,000 bills bundled together as authentic currency to deceive and dupe their victim.

After examining the Mong Kok office, authorities confiscated 10,978 counterfeit HK$1,000 banknotes. These bills were determined to be “training notes,” typically utilized for instruction in mainland Chinese banks.

Though these notes bear resemblance to real currency, they do not have essential security elements and are imprinted with Chinese characters.

This single raid has resulted in the seizure of more counterfeit notes than all fake HK$1,000 bills uncovered throughout Hong Kong during the previous year combined.

It has been disclosed by authorities that this occurrence is not an anomaly. Other instances of counterfeit notes and cryptocurrency transactions have surfaced in the past few months. A total of 1,600 “training notes” were confiscated during individual events between January to April within this scenario.