Bitcoin scam suspect caught after partner flees with $3m

A man who said he was robbed of more than HK$3 million in a bitcoin scam chased down one of two alleged tricksters and apprehended him with the help of a passerby. The other suspect fled in a car - with the cash.

At around 1pm yesterday, the man and a colleague met two "bitcoin sellers" recommended by a middleman at a currency exchange shop on King's Road, Tin Hau.

The two sellers claimed to be employees of the shop, which had actually closed a year ago. Its door was left unlocked to allow property agents to bring clients to check out the premises.

The two suspects counted the money with machines inside the shop, after which one of them left with the cash, claiming he had to carry out "procedures."

When he failed to return after a long time, the buyers became suspicious and called police. The other suspect then dashed out the door, triggering a chase along King's Road. He was caught at the car park of Park Towers after a three-minute chase with the help of a passerby.

Police arrested the suspect, while the victim, who injured his hand, was sent to Ruttonjee Hospital.

Officers went through security footage and found a suspicious private car entering the car park. It was believed to be the getaway vehicle.

The case - obtaining property by deception - is being investigated by Eastern district police.

Robberies involving cryptocurrency deals have been reported across the city in recent years.

On January 4, a 37-year-old male trader trying to cash in on the surge of cryptocurrency prices was robbed of around HK$3 million and two phones minutes after being lured into selling his bitcoin in Chai Wan, police said. He was robbed of the cash he was paid in the transaction.

Bitcoin was being traded for US$54,737 (HK$426,948) yesterday, compared to US$6,455 a year ago, according to CoinDesk. It went up to US$61,000 earlier this month.

"I suspect one of the reasons why risky transactions are happening could be due to a lack of education and awareness," said Bitcoin Association of Hong Kong president Bryan Cheung.

Owners should store coins in a "bitcoin personal wallet" downloaded from trusted sources, like Apple's App Store and Google's Play Store, the association said. The most convenient way to buy the cryptocurrency is a bitcoin ATM.