Hong Kong police have dismantled a stablecoin fraud operation involving HK$3 million, arresting three individuals. The scam targeted a 77-year-old woman who was defrauded at a virtual currency exchange in Sheung Wan. The suspects used a fake safe to deceive the victim into believing she was purchasing stablecoins. The arrests were made within three days, aided by Project Sharp Eyes footage and detailed investigations. The suspects face charges of obtaining property by deception, while police continue to search for additional suspects and the remaining stolen funds.