A Hong Kong woman lost $3.3M after a fake crypto investment platform, part of a surge in romance scams. Police warn of rising fraud, with FBI reporting $7.2B in US crypto investment losses.
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A Hong Kong woman lost about $3.3 million after an online romantic partner directed her to a fraudulent cryptocurrency investment platform, police said.
Hong Kong police recorded 25 investment fraud cases involving online romantic relationships during the week ending July 30. Total losses reached nearly HK$70 million, roughly $9 million. One case accounted for more than a third of that amount.
The victim, a 50-year-old insurance professional, met a person online who presented himself as a car dealer. After establishing a romantic relationship, that person persuaded her to invest in virtual currencies through an unfamiliar platform.
She continued transferring money as the platform displayed rising account balances. By last month, it claimed her portfolio had generated returns exceeding 800%. When she tried to withdraw, the platform denied the request. The purported romantic partner and an investment adviser then stopped responding. Her cumulative losses exceeded HK$26 million, or about $3.3 million.
Authorities did not identify which cryptocurrencies were involved or whether any funds had been recovered.
The case follows a pattern common in relationship-based cryptocurrency fraud. Scammers build trust through dating applications and social media. Then they introduce an investment opportunity. Victims are directed to trading websites or applications controlled by the fraudsters. These platforms may display fabricated profits or allow a small initial withdrawal to encourage deposits.
The scheme typically becomes apparent when a victim attempts to withdraw a larger amount. Operators block the transaction or demand additional payments described as taxes or processing charges.
Hong Kong police urged investors to treat investment recommendations from newly established online contacts with caution. Warning signs include guaranteed returns and unusually high profits, as well as requests to transfer funds through an unfamiliar platform.
The FBI describes the same method. Criminals control the supposed investments and often steal all funds deposited by victims.
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. 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.
Similar investment schemes remain a major threat to US users. The FBI's 2025 report said scammers commonly approach victims through social media and dating platforms before moving conversations to private messaging services. 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.
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