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Macau police contact 32 victims in cryptocurrency mining case

Up to Thursday, the Judiciary Police (PJ) had contacted 32 victims in a suspected cryptocurrency investment scam, with total losses amounting to at least HK$12.4 million, PJ spokesman Choi Ian Fai said during a regular news briefing in Zape Thursday.

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Up to Thursday, the Judiciary Police (PJ) had contacted 32 victims in a suspected cryptocurrency investment scam, with total losses amounting to at least HK$12.4 million, PJ spokesman Choi Ian Fai said during a regular news briefing in Zape Thursday.

According to Choi, the 32 victims are all local residents, and the police have already taken statements from all of them. Choi didn’t elaborate on the amounts each victim had lost, but noted that only one victim declined to file a criminal complaint.

Choi underlined that the Judiciary Police would continue to contact other possible victims. Choi did not name any of the victims or any other people allegedly involved in the case.

Choi told government-owned broadcaster TDM last Friday that as the crypotcurrnecy mining investment took place in Hong Kong, the Judiciary Police would cooperate with its Hong Kong counterparts in the investigation.

According to Investopedia, “Mining is an integral part of a cryptocurrency network that performs two important functions. First, it is used to generate and release new cryptocurrency tokens for circulation via the cryptocurrency network, and secondly, it is used to verify, authenticate and then add the ongoing network transactions to a public ledger.”

The Macau Monetary Authority (AMCM) reaffirmed last week that cryptocurrency is not legal tender in Macau, writing that “AMCM has explicitly required all banks and payment service institutions in Macau not to participate in, or provide, directly or indirectly, any financial services that involve the use of virtual currencies or virtual commodities as the means of payment… [The] AMCM has established a closely collaborative mechanism with the Judiciary Police to combat illegal financial activities and called the attention of the public to the potential risks involved.”

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