Hong Kong authorities say 145 victims and $18.9M lost in Hounax scam
Hong Kong authorities reported that an unlicensed crypto exchange, Hounax, has defrauded 145 users out of HKD 148 million ($18.9 million). Hounax falsely claimed to be a licensed platform and suggested affiliations with regional financial institutions, leading to suspicions about its legitimacy. Allegedly, it attracted clients via social media and claims of being founded by the original Coinbase technical team. The Hong Kong Securities Regulatory Commission (SFC) received 18 complaints about the scam. Furthermore, the SFC currently lists nine suspicious crypto investment platforms which include Hounax. This follows a similar scandal involving the JPEX exchange. Despite these events, the country's one-year grace period for crypto exchanges will not be changed, though regulations are being tightened.
