Hong Kong authorities are sounding the alarm on a sophisticated scam targeting cryptocurrency investors.
Hong Kong authorities are sounding the alarm on a sophisticated scam targeting cryptocurrency investors. A fraudulent entity posing as the legitimate exchange MEXC has been luring victims via social media and siphoning off their funds.
The Hong Kong Securities and Futures Commission (SFC) and the Police Force jointly issued a warning, revealing the elaborate scheme. Scammers infiltrated social media chat groups frequented by crypto enthusiasts, posing as representatives of MEXC. They then directed interested individuals to illegitimate websites designed to mimic the real MEXC platform. Unaware victims, believing they were investing in cryptocurrency, deposited funds into designated bank accounts controlled by the scammers. When attempting to withdraw their funds, they encountered insurmountable obstacles, falling victim to the meticulously crafted phishing trap.
Authorities identified eight websites with domain names closely resembling MEXC, such as "mexczx.icu" and "mexczx.co." These websites served as gateways to the fraudulent scheme, further blurring the lines between legitimate and illegitimate platforms. The SFC emphasized its ongoing efforts to identify and regulate virtual asset trading providers (VATPs) operating in Hong Kong, encouraging investors to consult its official list before engaging with any platform.
This incident comes amidst growing scrutiny of MEXC's own enforcement actions. In December 2023, reports surfaced of the exchange freezing user accounts and seizing funds, citing "abnormal trading activities." Such incidents fuel concerns about the platform's transparency and accountability, further highlighting the importance of investor due diligence.
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