Hong Kong police reported that an insurance agent in the city lost over $3.3 million after an online romantic contact convinced her to invest through a fake cryptocurrency application. Between July 24 and 30, 25 romance-linked investment fraud cases were reported, with combined losses of approximately HK$70 million, nearly $9 million. Scammers build emotional trust on dating apps for weeks before suggesting joint investments through a fabricated trading platform where displayed profits are entirely fictional. Known as « pig butchering » scams, these schemes fatten victims with fake relationships before stealing their funds. The cases highlight the pressure on Hong Kong as it positions itself as a crypto-friendly jurisdiction while fraudulent apps continue proliferating outside the regulated ecosystem.
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