In Person Filecoin Fraud in Hong Kong - Revision history

Azoundria: Minor tweaks.

2023-11-17T16:26:01Z

Minor tweaks.

← Older revision		Revision as of 10:26, 17 November 2023
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	{{~~Imported~~ Case Study ~~2\|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php~~}}		{{Case Study Under Construction}}{{Unattributed Sources}}
	{{Unattributed Sources}}

	In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.		In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.
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	The "case involved [a] businessman [in Hong Kong] who ... met three ... investment consultants through a friend. He was [told he was] investing in Filecoin and promised considerable profits." The "30-year-old merchant" "was approached by two men and a woman in their 30s introducing themselves as investment consultants. They recommended investing in Filecoin on the basis it would deliver big returns".		The "case involved [a] businessman [in Hong Kong] who ... met three ... investment consultants through a friend. He was [told he was] investing in Filecoin and promised considerable profits." The "30-year-old merchant" "was approached by two men and a woman in their 30s introducing themselves as investment consultants. They recommended investing in Filecoin on the basis it would deliver big returns".

	"Between February and April, he deposited HK$124 million into the ~~fraudsters'~~ bank accounts in two installments."		"Between February and April, he deposited HK$124 million into the[ir] bank accounts in two installments."

	== The Reality ==		== The Reality ==

Azoundria: Another 30 minutes complete. Rewrote much of the article and incorporated an additional source. Added prevention.

2023-11-17T16:22:36Z

Another 30 minutes complete. Rewrote much of the article and incorporated an additional source. Added prevention.

Show changes

Azoundria at 23:54, 2 May 2023

2023-05-02T23:54:16Z

← Older revision		Revision as of 17:54, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

	In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.		In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.

	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="scmp-8309" /><ref name="cryptonews-8310" /><ref name="thestandard-8311" />
	<ref name="scmp-8309" /><ref name="cryptonews-8310" /><ref name="thestandard-8311" />

	== About None ==		== About None ==
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	!Description		!Description
	\|-		\|-
	\|June 15th, 2021 ~~12:00:00 AM~~		\|June 15th, 2021
	\|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.
Line 63:		Line 62:
	\|		\|
	\|}		\|}

			== 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 ==
			The primary failure was that no actual cryptocurrency was delivered by the anonymous "investors". This type of fraud could be solved with any sort of registry for the different platforms available.
			== 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}}
	~~The primary failure was that no actual cryptocurrency was delivered by the anonymous "investors". This type of fraud could be solved with any sort of registry for the different platforms available.~~

	== References ==		== References ==

Azoundria at 17:34, 22 February 2023

2023-02-22T17:34:33Z

← Older revision		Revision as of 11:34, 22 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}}
			{{Unattributed Sources}}

	In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.		In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.

	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="scmp-8309" /><ref name="cryptonews-8310" /><ref name="thestandard-8311" />

	== About None ==		== About None ==
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~The total amount~~ recovered ~~has been estimated at $0 USD~~.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one] (May 31)		<references><ref name="scmp-8309">[https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one] (May 31, 2022)</ref>

	[https://cryptonews.net/news/regulation/6390555/ Suspect Arrested in Hong Kong for Scamming Crypto Trader out of HK$1.5M] (May 31)		<ref name="cryptonews-8310">[https://cryptonews.net/news/regulation/6390555/ Suspect Arrested in Hong Kong for Scamming Crypto Trader out of HK$1.5M] (May 31, 2022)</ref>

	[https://www.thestandard.com.hk/section-news/section/11/232759/Crypto-scam-losses-total-$124m,-claims-young-businessman Crypto scam losses total $124m, claims young businessman \| The Standard] (Jul 3)		<ref name="thestandard-8311">[https://www.thestandard.com.hk/section-news/section/11/232759/Crypto-scam-losses-total-$124m,-claims-young-businessman Crypto scam losses total $124m, claims young businessman \| The Standard] (Jul 3, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}} In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned. This exchange or platform is based in Hong Kong, or the incident..."

2023-01-27T18:29:13Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/inpersonfilecoinfraudinhongkong.php}} In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned. This exchange or platform is based in Hong Kong, or the incident..."

New page

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

In June of 2021, a man in Hong Kong thought he bought some filecoin, however the people he bought it from were unknown individuals who later couldn't be found, and hadn't actually sold him any filecoin. It's unclear if the thieves were caught and it does not appear that any funds were returned.

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

== About None ==
"In a separate incident occurring in June 2021, a man was cheated out of HK$124M by two men and a woman promising enormous returns for an investment in a cryptocurrency called Filecoin." The "case involved [a] businessman who police said met three fraudsters posing as investment consultants through a friend. He was lured into investing in Filecoin and promised considerable profits."

"In the case of the 30-year-old merchant who lost HK$124 million, the victim was approached by two men and a woman in their 30s introducing themselves as investment consultants. They recommended investing in Filecoin on the basis it would deliver big returns, Superintendent Wilson Fan Chun-yi said."

"Between February and April, he deposited HK$124 million into the fraudsters' bank accounts in two installments." "The victim handed over money in two instalments in February and April."

"When the victim discovered that he could not withdraw his funds following a crash in the price of Filecoin and the so-called investors were nowhere to be found, he alerted authorities."

"In June, he tried to cash out after Filecoin's value dropped from US$168 (HK$1,310) to US$73, but the fraudsters disappeared." "Filecoin’s share price dropped from US$168 to US$73, prompting the victim in June to try and withdraw the cash. But the merchant could not contact the group and sought help from police."

"“Citizens should think twice about whether the person asking them to make an investment is trustworthy, or whether meetup places for large transactions are safe,” Ip said.

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 - In Person Filecoin Fraud in Hong Kong
!Date
!Event
!Description
|-
|June 15th, 2021 12:00:00 AM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost has been estimated at $15,900,000 USD.

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

== 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 ==
The total amount recovered has been estimated at $0 USD.

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 ==
The primary failure was that no actual cryptocurrency was delivered by the anonymous "investors". This type of fraud could be solved with any sort of registry for the different platforms available.

== References ==
[https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one https://www.scmp.com/news/hong-kong/law-and-crime/article/3143394/cryptocurrency-crime-hong-kong-hits-record-levels-one] (May 31)

[https://cryptonews.net/news/regulation/6390555/ Suspect Arrested in Hong Kong for Scamming Crypto Trader out of HK$1.5M] (May 31)

[https://www.thestandard.com.hk/section-news/section/11/232759/Crypto-scam-losses-total-$124m,-claims-young-businessman Crypto scam losses total $124m, claims young businessman | The Standard] (Jul 3)