A Hong Kong woman lost more than HK$2 million in a cryptocurrency investment scam last week, only realizing she had been deceived after her so-called online lover suddenly ghosted.
The case, highlighted on the police CyberDefender Facebook page on Monday, was among the highest-loss online romance scams recorded during the week.
Police said the victim, aged over 50, was first approached on Instagram, where the scammer engaged with her posts and began sending affectionate messages on a daily basis.
After gaining her trust and building a romantic connection, the fraudster claimed to be a “cryptocurrency investment expert” and introduced a so-called guaranteed profit scheme.
He initially persuaded the woman to transfer HK$40,000, describing it as a handling fee to open an account on an investment platform.
The victim was then instructed to visit a physical shop on seven occasions to exchange cash for Tether (USDT), a form of cryptocurrency, and transfer the funds to the scammer via an electronic wallet.
The suspect disappeared after receiving the money — a tactic described by police as “ghosting,” in which scammers cut off all contact once they believe no further financial gain can be made.
Police urged the public to exercise caution when forming relationships online and to be wary of overly affectionate messages, particularly when financial transactions are involved.
Members of the public are also advised to use tools such as the Scameter on the CyberDefender website or mobile app to assess potential fraud risks before making any payments.
