Hong Kong authorities have successfully dismantled a group responsible for using counterfeit currency to defraud victims of cryptocurrency, leading to the arrest of four individuals, including a minor. This recent bust brings the total number of arrests related to such cases to 14, according to Chief Inspector Lu Yuanshan of the Commercial Crime Bureau.

The group's illicit activities have resulted in significant financial losses, with victims suffering a total of HK$11 million (US$1.4 million) since October last year. The police have been working tirelessly to combat these scams, and the latest arrests demonstrate their commitment to protecting citizens from cryptocurrency-related fraud.

The use of counterfeit currency to defraud victims of cryptocurrency is a complex and sophisticated scam. The group's methods involved creating fake currency to trick victims into parting with their cryptocurrency, highlighting the need for vigilance in the digital age.

The involvement of a 14-year-old boy in the group is particularly concerning, as it highlights the need for education and awareness about the risks associated with cryptocurrency and online transactions. The police are working to ensure that individuals, especially minors, are not exploited by these scams.

The crackdown on this group serves as a warning to those engaging in similar illicit activities. The authorities are committed to protecting citizens and ensuring the integrity of the financial system. As cryptocurrency continues to grow in popularity, it is essential to remain vigilant and take steps to prevent fraud and scams.