A man in Hong Kong, China, was scammed out of 1.6 million USDT by a fake cryptocurrency exchange. The suspect is still at large.

BlockBeats News, June 12th. According to local media in Hong Kong, on June 5th, the Hong Kong police received a report from a man who claimed that he was cheated out of 1.6 million USDT, approximately worth 14 million Hong Kong dollars, when he exchanged virtual currency with a fake exchange.

After a preliminary investigation, the police classified the case as "obtaining property by deception" and handed it over to the Criminal Investigation Team of the Tenth Team of the Mong Kok Police District for follow-up. No arrests have been made yet. The police reminded the public that obtaining property by deception is a serious crime, and upon conviction, the maximum penalty is up to fourteen years' imprisonment.