A 50-year-old Hong Kong woman lost nearly $3.3 million after an online romantic partner directed her to a fraudulent cryptocurrency investment platform. According to reports from Binance Square News, the woman met someone online who presented himself as a car dealer and established a romantic relationship before persuading her to invest in virtual currencies through an unfamiliar platform. The victim continued transferring money after the platform displayed rising account balances, with the platform claiming her portfolio had generated returns exceeding 800% by last month.
The case is part of a broader trend in Hong Kong, where 25 romance-linked investment scams were reported between July 24 and 30. As reported by Binance Square News, combined losses from these cases approached nearly $9 million, with one case accounting for more than a third of that amount. The victim's losses exceeded HK$26 million, making it one of the most significant individual cases in the recent wave of romance-based cryptocurrency fraud.
The platform denied the victim's withdrawal request, and the purported romantic partner and alleged investment adviser then stopped responding, leaving the woman with cumulative losses. According to Binance Square News, authorities did not disclose which cryptocurrencies were involved or whether any of the transferred funds had been recovered. The case follows a common pattern where scammers build trust through dating applications before introducing investment opportunities and directing victims to trading websites controlled by fraudsters.
The romance cases add to a wider increase in online fraud affecting Hong Kong residents. As reported by the South China Morning Post and HRD Asia, police recorded 2,148 online employment scams between January and May 2025, up 92.1% from the same period a year earlier. Reported losses increased from HK$260 million to HK$480 million, an 89% rise, with authorities registering 621 cases in May alone.
The Hong Kong cases reflect a broader international trend in cryptocurrency investment fraud. According to the FBI's 2025 report, 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. US authorities warn against paying supposed recovery services and advise victims to independently verify platforms and avoid offers promising guaranteed or abnormally high returns.
