Crypto Scams Targeting Lonely Hearts Reap $9M in Hong Kong

Romance scams in Hong Kong netted $9 million in just one week, with insurance agent losing $3.3 million to a fake online boyfriend who convinced her to invest in a fraudulent crypto application.

The scammers typically connect with victims through dating or messaging apps and build a rapport before suggesting they invest in crypto. They direct victims to a site that appears legitimate, but displays fake profits to encourage more investment.

A similar case was reported in Malaysia where the government withdrew its support for the Blockchain Week event due to an after-party featuring an influencer who had previously been on OnlyFans.

Meanwhile, China's state-affiliated newspaper warned of a Bitcoin extortion scam using its name, where scammers contact businesses with fake undercover investigations and demand payment in Bitcoin.