Macau police have arrested a man suspected of a cryptocurrency trading fraud involving HKD 5 million.

According to TechFlow, on November 10, Macau Broadcasting Television reported that a Macau man and a mainland Chinese man claiming to be a businessman had previously suffered losses from joint cryptocurrency investments. The two parties later agreed to exchange 640,000 USDT for HKD 5 million, with the transaction to be conducted at a casino in Macau's Cotai district.

The victim deposited HKD 5 million in cash into the suspect's account at the casino as agreed, but the other party transferred only 40,000 USDT and then left the scene under the pretext of smoking. The remaining 600,000 USDT were not delivered as agreed.

Police investigations found that after receiving the funds, the suspect immediately converted them into casino chips and did not hold enough cryptocurrency to complete the transaction. The man has now been arrested, and police suspect him of committing a fraud involving a considerable amount.

Source: TechFlow