A Hong Kong woman reportedly lost around $3.3 million after an online romantic partner directed her to a fraudulent cryptocurrency investment platform.
Summary
- 25 romance-linked investment scams were reported in Hong Kong between July 24 and 30.
- Combined losses from the cases approached nearly $9 million, according to local police statistics.
- One victim saw supposed returns of more than 800% before the platform blocked withdrawals.
- Hong Kong also recorded a 92.1% rise in online employment scams during early 2025.
Crypto romance scams cost victims nearly $9M
Hong Kong authorities recorded 25 investment fraud cases involving online romantic relationships during the week ending July 30, according to police statistics cited by Binance Square News.
The reported losses totaled nearly HK$70 million, or roughly $9 million. One case accounted for more than a third of that amount.
A 50-year-old insurance professional reportedly met a person online who presented himself as a car dealer. After establishing a romantic relationship, the person persuaded her to invest in virtual currencies through an unfamiliar platform.
The victim continued transferring money after the platform displayed rising account balances. By last month, it claimed that her portfolio had generated returns exceeding 800%.
However, the platform denied her withdrawal request. The purported romantic partner and an alleged investment adviser then stopped responding, leaving the woman with cumulative losses exceeding HK$26 million or around $3.3 million.
Authorities did not disclose which cryptocurrencies were involved or whether any of the transferred funds had been recovered.
Fake profits kept the victim investing
The case follows a common pattern in relationship-based cryptocurrency fraud. Scammers first build trust through dating applications, social media or messaging services before introducing an investment opportunity.
Victims are then directed to trading websites or applications controlled by the fraudsters. These platforms may display fabricated profits, allow a small initial withdrawal, or encourage victims to increase their deposits.
The scheme typically becomes apparent when a victim attempts to withdraw a larger amount. Operators may block the transaction or demand additional payments described as taxes, processing charges or penalties.
Hong Kong police urged investors to treat investment recommendations from newly established online contacts with caution. Warning signs include guaranteed returns, unusually high profits and requests to transfer funds through an unfamiliar platform.
The FBI describes the same method, saying criminals control the supposed investments and often steal all funds deposited by victims.
Hong Kong employment scams also surged
The romance cases add to a wider increase in online fraud affecting Hong Kong residents.
Police recorded 2,148 online employment scams between January and May 2025, up 92.1% from the same period a year earlier, according to figures reported by the South China Morning Post and HRD Asia.
Reported losses increased from HK$260 million to HK$480 million, an 89% rise. Authorities registered 621 cases in May alone, with 60% originating on WhatsApp and another 22% on Telegram.
Investigators attributed much of the increase to “click farming” schemes. Fraudsters initially pay participants small commissions for completing simple online tasks, such as following social media accounts or purchasing products to inflate a seller’s activity.
After gaining trust, scammers ask victims to commit larger sums for higher-paying assignments. Withdrawal attempts are then rejected, with operators claiming the victim made an error or damaged a company system and must pay a penalty.
US crypto fraud losses reached $7.2B
Similar investment schemes remain a major threat to US users. Cryptocurrency investment fraud produced $7.2 billion in reported US losses during 2025, making it the country’s largest category of financial loss reported to the FBI’s Internet Crime Complaint Center.
The FBI’s 2025 report said scammers commonly approach victims through social media, dating platforms and unsolicited messages before moving conversations to private messaging services.
US authorities advise victims to stop sending money immediately and preserve wallet addresses, transaction hashes, platform domains and communications. The FBI also warns against paying supposed recovery services, which may operate a second scam targeting people who have already lost funds.
Hong Kong police similarly advised users not to lower their financial safeguards because of emotional attachment or trust. Investors should independently verify platforms and avoid offers promising guaranteed or abnormally high returns.