Hassan Maishera
TL;DR
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A Hong Kong insurance agent lost more than HK$26 million ($3.3 million) in a cryptocurrency romance scam.
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The victim was persuaded by an online suitor to invest through a fake crypto trading app that falsely displayed over 800% returns.
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The case was the largest among 25 romance scams reported in Hong Kong during the final week of July.
Hong Kong police have revealed that a local insurance agent lost more than HK$26 million ($3.3 million) after falling victim to a sophisticated cryptocurrency romance scam.
The incident was the largest among 25 romance fraud cases reported between July 24 and July 30, which collectively resulted in losses of nearly HK$70 million ($8.9 million), according to a social media update released by local authorities on Saturday.
Scammers Used Fake Romance to Promote Crypto Investment
Police said the victim, a woman in her 50s, was first introduced last year to a prospective insurance client before being connected to another man known as "Uncle," who claimed to work in the automotive trade.
What began as a professional introduction soon evolved into an online romantic relationship.
Authorities said the suspect portrayed himself as caring, sophisticated, and financially successful before claiming to possess extensive investment knowledge. He eventually convinced the victim to invest in cryptocurrency through a trading application that was, in reality, controlled by the fraudsters.
Victim Sent More Than HK$26 Million to Fraudsters
Over approximately six months, the victim handed HK$4 million ($510,000) in cash to individuals linked to the scam and transferred nearly HK$22 million ($2.8 million) to multiple bank accounts controlled by money mules.
The fraudulent trading application later displayed paper profits of more than 800%, creating the illusion of highly successful investments.
However, when the victim attempted to withdraw her funds, the requests were repeatedly denied. Shortly afterward, both the online romantic partner and the accomplices disappeared, leaving the victim unable to recover her money.
The case highlights the continued rise of so-called "pig butchering" scams, in which fraudsters build trust through fake romantic or personal relationships before persuading victims to invest in fraudulent cryptocurrency schemes.
Law enforcement agencies worldwide have stepped up efforts to dismantle these criminal networks.
In April, the FBI, working alongside authorities in Dubai, Thailand, and China, announced the arrest of 276 suspects and the disruption of nine scam centers linked to cryptocurrency investment fraud.
Crypto Fraud Losses Reach Record Levels
Cryptocurrency-related scams continue to account for a growing share of global cybercrime.
According to the FBI's latest internet crime report, losses from crypto-related fraud reached a record $11.3 billion last year, representing more than half of the $20.9 billion in total internet crime losses reported during the period.
Separately, the Hong Kong Securities and Futures Commission (SFC) recently introduced stricter cybersecurity requirements for internet brokerages and cryptocurrency trading platforms.
Earlier this month, the regulator instructed firms to phase out one-time passwords (OTPs) for user logins and device registration, replacing them with stronger authentication measures as part of its broader effort to combat account takeovers, fraud, and spoofing attacks.
