A 55-year-old Hong Kong woman lost her entire life savings — nearly HK$7 million — to a scam crypto project that “guaranteed” tens of thousands of US dollars in profits.

According to law enforcement agencies, the scammer contacted his future victim on the Instagram social network, where they actively communicated for some time. Then the attacker invited the woman to take part in investing in a highly profitable crypto project.

The victim was persuaded to create an account on the website in order to then invest in a cryptocurrency with a guaranteed return. The woman was assured that she would be paid $300 daily in addition to a guaranteed profit of tens of thousands of US dollars.

As a result, in just two months, the pensioner lost all her savings – almost 7 million Hong Kong dollars (about $ 891,723). The police said that all the information, such as the price of crypto assets, positive dynamics and investment returns, presented on the website was fake.

Earlier it became known about the arrest of a former employee of Deutsche Bank Rashawn Russell, who is accused of cryptocurrency fraud and deliberate deception of investors.