Hong Kong police arrest suspect in nearly US$200,000 crypto theft

Hong Kong police announced on Tuesday the arrest of a 24-year-old who is suspected of stealing HK$1.5 million (US$191,076) in cryptocurrencies in a physical cash-to-crypto transaction. 

Fast facts

• The police labeled the rare on-site cryptocurrency theft as a serious crime punishable by 10 years in prison, if convicted.

• Hong Kong police spokeswoman Tong Sin-tung said at a Wednesday press conference the suspect had a face-to-face cryptocurrency transaction with the victim at a business located in tourist hub Tsim Sha Tsui on May 4. 

• After the victim transferred the crypto to the suspect’s wallet, the suspect fled through a side door and locked the victim inside.

• Tong said the trading location was leased by a shell company for HK$4,000 (US$509) per month in April.
• The shop’s cash register was not connected to a power outlet and the “computer” was an empty box.

• Tong said the police are seeking to determine if the suspect was working alone, adding that the ongoing investigation could result in further arrests.