Grey-Market Crypto ATMs in Hong Kong Pose Fraud Risks

How some grey-market crypto ATMs in Hong Kong can turn users into fraud victims

Inside a tiny self-service laundromat in Quarry Bay in the east of Hong Kong Island, next to a wall of washing machines, stands a waist-high cryptocurrency terminal with signs reading “Elon Musk recommends Dogecoin” and “Buy bitcoin in one minute”. In order to obtain Dogecoin through the ATM, customers feed Hong Kong dollar notes into a slot and scan a QR code. The equivalent amount in cryptocurrency is then credited into their digital wallet. Such machines have proliferated across the city i...

By Eric Jiang