Fraudsters use Telegram scams to steal cryptocurrencies; Hong Kong case lost HKD 3.7 million

Scams on Telegram are among the most sophisticated threats at the moment. The Hong Kong police documented a case that well illustrates the creativity of criminals: a victim was approached in a cryptocurrency transaction group on the app, where someone pretending to be a support agent from Bittwatt (BWT) sent a private message requesting a “verification code” to “validate access to the group.” Suspicious? The victim shared the code. The result was devastating: all the virtual assets in the wallet were drained, totaling losses exceeding HKD 3.7 million.

The pattern of scams on Telegram is becoming increasingly sophisticated

This is not an isolated case. According to the Hong Kong Police, in 2025 there were 12,505 cases of fraud related to online purchases, representing an increase of 8.2% compared to 2024. Among all the documented incidents, the one involving the theft of cryptocurrencies via telegram stood out for having the highest loss recorded in a single case.

The technique used is known as “social engineering”: the scammers gain trust by pretending to be representatives of legitimate services, requesting sensitive information that, once shared, grants full access to the accounts. Telegram, with its public groups and anonymous private messages, has become a preferred channel for this type of attack.

Protection starts with intelligent distrust

The police warned about essential measures to avoid falling for scams on telegram and other platforms:

• Contact support only through verified official channels, never through spontaneous private messages.
• Verification codes, passwords, or personal data should never be shared, even if requested by someone who appears to be official.
• Always confirm the authenticity before any financial transaction
• Be cautious of shortened links or links of uncertain origin
• Verify the profile of the person sending messages: check the name, profile picture, and history

The increase in fraud cases in 2025 reinforces the urgent need for awareness. Regardless of which platform you use, the principle is the same: attentive skepticism is your best ally against scams on Telegram and similar frauds.