A 50-year-old insurance professional in Hong Kong reportedly lost around US$3.3 million after an online romantic partner allegedly directed her to a fraudulent cryptocurrency investment platform, crypto.news reported.

Hong Kong police recorded 25 investment fraud cases involving online romantic relationships during the week ending July 30, with reported losses totaling nearly HK$70 million, according to Binance.

In the case involving the insurance professional, the alleged scammer presented himself as a car dealer before persuading her to invest in virtual currencies through an unfamiliar platform.

She continued transferring funds after the platform displayed rising account balances and claimed her portfolio had generated returns exceeding 800%.

The victim later attempted to withdraw her funds, but the platform rejected her request.

The alleged scammer and a person posing as an investment adviser then stopped responding, leaving her with cumulative losses of more than HK$26 million.

Authorities have not disclosed which cryptocurrencies were involved or whether investigators recovered any of the funds.

How relationship-based cryptocurrency scams work

The incident follows a common pattern in relationship-based cryptocurrency fraud. Scammers often build trust with victims through dating applications, social media platforms or messaging services before introducing fake investment opportunities.

Fraudsters then direct victims to trading platforms that they control. These platforms may display fake profits, allow small withdrawals to build confidence, or encourage users to deposit larger amounts.

Victims usually discover the scam when they attempt to withdraw larger sums. Operators may block withdrawals or demand additional payments, describing them as taxes, processing fees or penalties.

Hong Kong police advised the public to remain cautious about investment recommendations from newly established online contacts.

Authorities warned that guaranteed returns, unusually high profits and requests to transfer funds through unfamiliar platforms are common scam indicators.

Online fraud continues to rise in Hong Kong

Relationship-based investment scams form part of a wider increase in online fraud affecting Hong Kong residents.

Police recorded 2,148 online employment scam cases between January and May 2025, up 92.1% from the same period a year earlier, according to figures reported by HRD Asia.

Losses from these employment scams reached HK$480 million, an 89% increase from the previous year.

Authorities recorded 621 cases in May alone, with WhatsApp and Telegram accounting for a significant share of reported cases.

Investigators linked much of the rise to click farming schemes. Fraudsters initially offer small commissions for completing simple online tasks, such as following social media accounts or making purchases to boost seller activity.

After gaining victims’ trust, scammers ask them to commit larger sums for higher-paying assignments. They later reject withdrawal requests and claim victims must pay penalties for alleged mistakes.

Hong Kong police urged users to verify investment platforms independently and maintain financial safeguards despite any emotional trust formed through online relationships.

Featured image credit: Edited by Fintech News Hong Kong, based on image by tete_escape via Magnific