Man robbed of HK$3.8m over bitcoin trade

A male trader trying to capitalize on the surge of Bitcoin was robbed of around HK$3.8 million in cash after being lured into an in-person Bitcoin transaction hoax at a Tin Hau currency exchange shop by two “sellers.”

The incident came as more traders who want to avoid the hassle of paying the service fee of online Bitcoin transactions choose to sell bitcoins in person.

The trader was to get HK3.8 million worth of Bitcoin from the two sellers, but the duo ran away right after the transaction, leaving him empty-handed.

The trader quickly called the police and gave chase. 

Police later arrived on the scene and arrested one of the suspects. Officers also entered the currency exchange shop on 41 King's Road to collect evidence.

Trading bitcoins in person has become popular recently, in which the buyer will clarify the acceptable currencies, banknotes and payment forms with traders beforehand, as banks are more aggressively acting against Bitcoin companies.

Other means to purchase bitcoins, including through a Bitcoin ATM, a “Bitcoin Wallet” that can be downloaded on phones and computers and exchanges, are also popular.