Instagram crypto-romance scam: “investment experts” defrauded a woman in her fifty-something from NT$2 million (200萬)

Hong Kong police disclosed through the “Guardians of the Net” platform that there was a romance-scam case involving an individual loss of more than 2 million Hong Kong dollars in the past week. The scammer followed a female victim aged over fifty on Instagram and quickly built a lover-like relationship by chatting and flirting through comments. The scammer then posed as a “cryptocurrency investment expert,” luring the victim with the bait of “guaranteed profit with no loss,” inducing the victim to carry cash to a physical exchange shop in seven separate trips to obtain USDT, and then transferring all funds from the electronic wallet into the scammer’s account, after which the scammer disappeared.

Three Stages of the Scam: From Instagram Flirting to Seven Rounds of Cash-to-Coin Exchanges

According to the case details published on the “Guardians of the Net” platform, the entire scam unfolded step by step and was completed in three clear stages.

First Stage—Building Emotional Trust: The scammer proactively followed the victim on Instagram and used warm, attentive comments under posts to initiate the approach. By establishing the romantic relationship at an unusually fast pace, the victim lowered their guard without realizing it.

Second Stage—Introducing the Investment Trap: After the relationship was solidified, the scammer then claimed to be a “cryptocurrency investment expert,” using an investment scheme described as “guaranteed profit with no loss” as the bait. The scammer asked the victim to first transfer 40k Hong Kong dollars as an “investment website account opening fee,” paving the way for the later large-scale scam.

Third Stage—Exchanging and Liquidating in Multiple Batches: The scammer guided the victim to carry cash to a physical exchange shop in seven separate trips, exchanging Hong Kong dollars for USDT, and then transferring it via an electronic wallet to the scammer’s account. Once the funds were fully received, the scammer immediately disappeared. The victim’s total loss was more than 2 million Hong Kong dollars.

Six Warning Signs to Identify This Type of Scam

This composite scam of “romance scams combined with cryptocurrency investment” has continued to appear in Hong Kong in recent years. The police “Guardians of the Net” compiled common scam characteristics for the public to recognize：

A stranger initiates small talk on social media and quickly heats up the relationship: The emotional bonding happens at an unusually fast pace, which is often a setup for the scam entering the next stage

Claims to be an “investment expert” and insists on “guaranteed profit with no loss”: Any investment claims of zero risk and guaranteed returns seriously do not match the real characteristics of the market

Asks the victim to carry cash to a physical exchange shop to obtain cryptocurrency: Legitimate investment platforms do not require users to exchange coins themselves and then transfer funds

Multiple small-amount operations, gradually increasing the amount: The “simmering the frog in warm water” tactic aims to lower psychological alertness for each transaction and avoid raising suspicion with a single large amount

Transferring via a personal electronic wallet instead of a regular platform account: In legitimate cryptocurrency investment platforms, fund flows can be verified within the platform itself, and they would not ask for private transfers

Police Recommendations and Anti-Scam Tool Usage Guide

Hong Kong police remind the public that if an online dating or conversation partner asks for a transfer for any reason—especially involving exchanging cryptocurrency—people should stop immediately and think calmly. “Stop for a moment and think it through” is the police’s core recommendation.

Members of the public can use the “Anti-Scam Inspector” (“防騙視伏器”) on the “Guardians of the Net” website, or download the “Anti-Scam Inspector” app (“防騙視伏 App”); enter the suspicious URL or account for verification to determine whether the dating partner or investment platform has any scam records.

Common Questions

What is the core method of romance cryptocurrency investment scams?

These scams combine romance scams with fake cryptocurrency investment schemes. The scammers first build emotional trust through social media, and then, under the identity of an “investment expert,” guide the victim into putting in money. Victims often only realize they have been scammed after multiple transfers, and because the funds have already moved through cryptocurrency channels, it is difficult to recover them.

Why do scammers ask victims to convert to USDT and then transfer, instead of doing a direct bank transfer?

USDT is a stablecoin pegged to the U.S. dollar, which can be quickly transferred on the blockchain to multiple wallet addresses. Scammers increase the difficulty of tracing the funds by routing them through multiple layers of transfers. Compared with bank transfers, cryptocurrency transactions are usually irreversible, which makes it easier for scammers to quickly move and hide funds.

How can you verify the authenticity of a cryptocurrency investment platform?

You can verify it by entering the platform URL into the “Anti-Scam Inspector” on the “Guardians of the Net.” When choosing a cryptocurrency trading platform, you should confirm that the platform holds an official license issued by a regulatory body. Also, all fund operations should be carried out within the platform’s system. Any instructions that ask users to exchange coins themselves and then transfer through external channels should be treated as highly warning signals of a scam.