Property ad leads to $31m crypto romance scam

A Hong Kong woman in her 50s lost HK$31 million in an online romance scam that began with a rental inquiry — the largest single loss among more than 1,000 similar cases recorded last year.

Police said Monday that online romance scams rose 8.2 percent in 2025, with 1,093 cases reported compared to 1,010 the previous year.

The victim, a property owner, had posted a rental advertisement on a property platform when a scammer posing as a prospective tenant initiated contact.

The conversation quickly moved to WhatsApp, where the fraudster cultivated what appeared to be a romantic relationship to build trust.

The woman was later persuaded to invest in cryptocurrency through links to fraudulent websites provided by the scammer.

Unaware of the deception, she transferred funds multiple times to unknown personal bank accounts and cryptocurrency wallets, ultimately losing HK$31 million.

In a recent post on the police anti-fraud platform CyberDefender, authorities warned that scammers frequently target victims on second-hand trading and rental platforms, initiating conversations to establish personal connections.

Through daily messages and flattery, fraudsters often introduce so-called "high-return investment platforms," directing victims to transfer money via suspicious links to unknown accounts.

Police urged the public to use the Scameter tool on the CyberDefender website or download the Scameter+ mobile app to assess potential risks before making any financial transfers.