Korean Man Loses 105 Million Won in Crypto Romance Scam

A Korean man in his 50s was duped out of over 100 million won ($73,500) after falling victim to a romance scam that exploited cryptocurrency investments. The scheme began in April when the man met a woman claiming to be Japanese through a dating app. Over 46 days of daily conversations, the man was convinced that their relationship was genuine. The woman then persuaded him to invest in a cryptocurrency exchange she recommended, claiming the funds were necessary to prepare for their marriage. 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. Seeing what appeared to be quick profits and successful withdrawals, his confidence grew, leading him to invest larger sums over several weeks, totaling 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) warned against the dangers of romance scams involving cryptocurrency, noting 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.