Hounax crypto scam steals $19 million

A scam Hong Kong cryptocurrency platform called Hounax swindled its customers out of HK$148 million (US$19 million). The group drew in customers by offering financial expertise on social media and awarding prize money to those who signed up to the platform. While some customers successfully tested whether they could withdraw their funds earlier on, the platform later stopped allowing customers to withdraw, or told them they would need to pay additional fees to do so.

The Hong Kong Securities and Futures Commission added Hounax to its warning list on November 1, a move that victims have criticized as much too late to stop the damage.