Hong Kong woman in her fifties falls victim to online romance scam by “cryptocurrency investment expert,” loses over HK$2 million

According to AASTOCKS Financial News, Hong Kong Police’s “Cyber Guardian” social media platform disclosed that a woman in her fifties was scammed on Instagram after a fraudster proactively followed and initiated contact with her. The fraudster quickly established a romantic relationship by showing concern and care, then claimed to be a “cryptocurrency investment expert.” Under the pretext of opening an account on an investment website, the fraudster induced the victim to transfer HK$40,000 as a “handling fee.” Subsequently, the fraudster instructed her to exchange cash for USDT at physical exchange stores—seven times in total—and transfer the funds to the fraudster via an e-wallet. After receiving the money, the fraudster immediately cut off all contact. In total, the victim lost over HK$2 million. The police urge members of the public to remain vigilant when making friends online. If someone requests a money transfer for any reason, pause and think carefully before proceeding.