Online transactions are known to carry the risk of fraud, but it turns out that even in-person deals at physical cryptocurrency exchange shops can result in major losses — as one unfortunate man recently discovered, losing over HK$2 million.

A Malaysian man, Mr. Choi, reported that he had come to Hong Kong intending to use HK$2.1 million worth of cryptocurrency to purchase a luxury watch. He found a cryptocurrency exchange shop online that had been in operation for about a year.

When he visited the exchange store to convert his crypto into Hong Kong dollars, the shop staff displayed what appeared to be HK$2–3 million in cash. As Mr. Choi transferred the cryptocurrency (USD equivalent) and waited for the confirmation, the staff member made an excuse to leave the room and never returned.

To his shock, when he opened the package of “cash,” he found that much of it consisted of fake notes labeled as “practice bills” (練功券) — not legal tender.

Mr. Choi immediately reported the incident to the police, who advised him to leave the scene. The experience left a significant psychological impact, making him vow to be more cautious in all future transactions.

What’s even more alarming is that, according to online searches, the same crypto exchange platform appears to still be operational, regularly posting exchange rates on social media.

This case serves as a serious warning: whether online or in person, always exercise extreme caution when conducting cryptocurrency transactions.