A Korean man in his 50s lost more than 100 million won ($73,500) after falling victim to a romance scam that leveraged cryptocurrency investments.
The scheme began when the man met a woman claiming to be Japanese through a dating app in April, leading to 46 days of daily conversations that convinced him their relationship was real, according to a report from a local media outlet.
Believing they were planning a future together, the woman persuaded him to invest in a cryptocurrency exchange she recommended, claiming the funds were needed to prepare for their marriage.
Though initially hesitant due to his lack of experience with digital assets, the man feared losing her affection and agreed to an initial investment of 200,000 won.
After seeing what appeared to be quick profits and successful withdrawals, his confidence grew, leading him to invest larger sums.
Over several weeks, his total investment ballooned to more than 105 million won.
However, the woman soon began demanding further payments, insisting his profits were subject to a steep 5 percent daily tax.
When he could no longer meet her escalating demands, she cut off contact and vanished.
The Financial Supervisory Service (FSS) reportedly warned against the dangers of romance scams involving cryptocurrency, stressing that victims often hesitate to question financial requests from someone they believe is a romantic partner.
Scammers commonly pose as foreigners expressing interest in marriage, later sending links to fraudulent exchanges and pressuring victims into sending money.
Authorities reminded the public that virtual asset exchanges must register with the Korea Financial Intelligence Unit to legally operate in Korea.
Many unregistered platforms are scams designed to steal deposits, and officials urged caution with any investment opportunity introduced through dating apps or social media.
The FSS plans to intensify efforts against crypto-related romance scams, including a nationwide campaign in the second half of the year aimed at improving public awareness and reducing the number of victims falling prey to such schemes.
Crypto investors lost over $2.2 billion to hacks, scams, and breaches in the first half of 2025, driven largely by wallet compromises and phishing attacks, according to CertiK’s latest security report.
Wallet breaches alone caused $1.7 billion in losses across just 34 incidents, while phishing scams accounted for over $410 million across 132 attacks.
Two major incidents, including Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in May, skewed the year’s losses upward, together accounting for nearly $1.78 billion.
Without these, losses align more closely with previous years at around $690 million.
Ethereum remained the primary target, suffering over $1.6 billion in losses across 175 events.
The report also pointed to rising sophistication of phishing schemes and ongoing risks from social engineering, urging crypto users to verify links, avoid suspicious sites, and use hardware wallets.
