The Securities and Futures Commission (SFC) of Hong Kong today warned the public of an entity operating under the name of Proxinex.

Proxinex may be engaged in virtual asset-related fraud.

Investors reported difficulties in withdrawing virtual assets from Proxinex, and they were later told that their “accounts did not exist” at all. The SFC also suspects that Proxinex recruited an agent to lure investors into depositing funds with Proxinex via dating apps.

The agent may have fabricated documents purportedly issued by a local financial regulator and a financial institution to embellish the agent’s personal profile.

The SFC added Proxinex and its respective website to the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 29 July 2024. While the website is now inaccessible, the public should beware of websites with similar domain names which may be continuously created.

Online investment scams may involve any type of assets and are perpetrated through multiple channels, and investors can suffer substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.

The regulator has recently issued a warning against several crypto entities, including Tokencan, VBIT Exchange and HKD.com Corporation.