Hong Kong Cash Theft Sequel - Revision history

Azoundria at 18:49, 2 May 2023

2023-05-02T18:49:00Z

← Older revision		Revision as of 12:49, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught.		A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coindesk-6796" /><ref name="yahoofinance-6797" /><ref name="stocksnstonks-6779" /><ref name="decrypt-7531" /><ref name="abscbnnews-7849" />
	<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coindesk-6796" /><ref name="yahoofinance-6797" /><ref name="stocksnstonks-6779" /><ref name="decrypt-7531" /><ref name="abscbnnews-7849" />

	== About None ==		== About None ==
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	!Description		!Description
	\|-		\|-
	\|January 18th, 2021 2:30:00 PM		\|January 18th, 2021 2:30:00 PM MST
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.

	== References ==		== References ==

Azoundria at 17:33, 17 February 2023

2023-02-17T17:33:54Z

← Older revision		Revision as of 11:33, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}}
			{{Unattributed Citations}}

	A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught.		A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.
			<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coindesk-6796" /><ref name="yahoofinance-6797" /><ref name="stocksnstonks-6779" /><ref name="decrypt-7531" /><ref name="abscbnnews-7849" />

	== About None ==		== About None ==
Line 43:		Line 45:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|January 18th, 2021 2:30:00 PM		\|January 18th, 2021 2:30:00 PM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $449,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 89:		Line 86:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	It is unknown ~~how much was recovered~~.		The total amount recovered is unknown.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 100:		Line 97:

	== References ==		== References ==
	[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25)		<references><ref name="pymnts-6794">[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25, 2022)</ref>

	[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2)		<ref name="scmp-6795">[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2, 2022)</ref>

	[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2)		<ref name="coindesk-6796">[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2, 2022)</ref>

	[https://finance.yahoo.com/news/thieves-grab-451k-cash-hong-140008895.html Thieves Grab $451K in Cash From Hong Kong Crypto Trader] (Mar 2)		<ref name="yahoofinance-6797">[https://finance.yahoo.com/news/thieves-grab-451k-cash-hong-140008895.html Thieves Grab $451K in Cash From Hong Kong Crypto Trader] (Mar 2, 2022)</ref>

	[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News \| Stocks N Stonks] (Mar 1)		<ref name="stocksnstonks-6779">[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News \| Stocks N Stonks] (Mar 1, 2022)</ref>

	[https://decrypt.co/54481/bitcoin-otc-trade-in-hong-kong-goes-wrong-500000-stolen Bitcoin OTC Trade in Hong Kong Goes Wrong: $500,000 Stolen - Decrypt] (Apr 23)		<ref name="decrypt-7531">[https://decrypt.co/54481/bitcoin-otc-trade-in-hong-kong-goes-wrong-500000-stolen Bitcoin OTC Trade in Hong Kong Goes Wrong: $500,000 Stolen - Decrypt] (Apr 23, 2022)</ref>

	[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31)		<ref name="abscbnnews-7849">[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}} A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught. This exchange or platform is based in Hong Kong, or the incident targeted people primarily..."

2023-01-25T19:37:12Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}} A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught. This exchange or platform is based in Hong Kong, or the incident targeted people primarily..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheftsequel.php}}

A lady in Hong Kong was robbed of $448,700 in cash after selling her Tether to men she had transacted with before. Once the deal was done, the four men used a knife to threaten her and made off with the cash and purchased Tether. The robbers have apparently not yet been caught.

This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.

== About None ==
"She had recently sold the man digital money in three transactions, each involving HK$600,000 to HK$700,000, according to police."

"[A] gang of men stole $448,700 in cash from a cryptocurrency trader in Hong Kong Monday (Jan. 18), the South China Morning Post reported."

"The trader had sold digital currency to one of the men in three separate transactions, according to the report. Believing he was interested in another transaction, she transferred $448,700 in digital money to his online wallet in exchange for the equivalent in cash. Three men with knives then reportedly rushed into the room and stole the cash and her iPhone."

"The robbery – the second such hold-up in two weeks – took place at the Ricky Centre on Chong Yip Street in Kwun Tong around 2.30pm, after the woman met a man posing as a buyer."

“Investigations showed she was paid HK$3.5 million in cash after using her iPhone to complete an online transaction and sell him USDT tokens,” a police source said, referring to a type of cryptocurrency.

“Soon after she was handed the money, three men carrying either a knife or a rod rushed out from a room and snatched the money and the iPhone from her at knifepoint.”

"He said the four fled after locking the victim in the office. The source said the gang could have carried out the earlier deals to win her trust and pave the way for the hold-up."

"The robbery came to light when the woman used her second phone to contact her husband, who then made an 999 emergency call to police."

"Officers found the woman safe and uninjured in the office. According to the force, the office was recently rented out on a short-term lease and only had several items of furniture."

"The source said the uncle of the woman, who drove her to the building and was waiting downstairs, saw four men run out and drive off in a delivery van before police arrived."

"Officers mounted a search, but no arrests were made." "Detectives from the Kwun Tong criminal investigation unit are handling the case."

This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Hong Kong Cash Theft Sequel
!Date
!Event
!Description
|-
|January 18th, 2021 2:30:00 PM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.

== References ==
[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25)

[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2)

[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2)

[https://finance.yahoo.com/news/thieves-grab-451k-cash-hong-140008895.html Thieves Grab $451K in Cash From Hong Kong Crypto Trader] (Mar 2)

[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News | Stocks N Stonks] (Mar 1)

[https://decrypt.co/54481/bitcoin-otc-trade-in-hong-kong-goes-wrong-500000-stolen Bitcoin OTC Trade in Hong Kong Goes Wrong: $500,000 Stolen - Decrypt] (Apr 23)

[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31)