$3.3 Million Hong Kong Romance Scam Highlights Cryptocurrency Investment Risks
A Hong Kong insurance agent in her 50s lost $3.3 million after falling victim to an online romance scam linked to cryptocurrency investment.
The woman was introduced to a man through a prospective client last year, who described himself as 'Uncle' and worked in the auto industry. He developed an online romantic relationship with the victim, then claimed to be a cryptocurrency investment expert and urged her to invest.
The man directed her to use a fake investment app he had created, which showed returns of over 800%. The woman handed over HK$4 million ($510,000) in cash to accomplices over six months and made multiple transfers totaling about HK$22 million ($2.8 million) to bank accounts opened under other names.
When she tried to withdraw the money, her request was denied, and the man and his accomplices disappeared. The case is the largest among 25 romance scams reported in Hong Kong between July 24 and July 30, with total losses reaching about HK$70 million ($8.9 million).