Hong Kong Hit by 25 Cryptocurrency Romance Scams in One Week, Victims Lose $9 Million

Aug 1, 2026

During the last week of July 2026, Hong Kong authorities recorded 25 cryptocurrency romance scams, resulting in losses of nearly HK$70 million ($9 million). One victim lost over HK$26 million. Online investment fraud in Hong Kong surged in 2025, with 5,135 cases causing HK$3.58 billion in losses. These operations are often run by transnational syndicates in Cambodia and Myanmar, exploiting trafficked workers. To combat this, Hong Kong police formed a Virtual Asset Intelligence Taskforce, though recovering funds remains highly difficult once converted to cryptocurrency.

Hong Kong cryptocurrency romance scams

▪Hong Kong law enforcement received reports of 25 investment scams involving romance and online dating during the last week of July 2026.
▪In May 2026, a woman in Hong Kong lost over HK$1 million after being redirected from a Facebook advertisement to an AI-based investment site on WhatsApp.
▪The 25 romance and online dating investment scams in Hong Kong during the last week of July 2026 resulted in losses of nearly HK$70 million.
▪An insurance worker in Hong Kong lost over HK$26 million after being lured into a fraudulent cryptocurrency trading application by a romantic contact.

Investment fraud statistics

▪The average financial loss per investment fraud case in Hong Kong increased from approximately HK$580,000 to HK$700,000.
▪Online investment fraud cases in Hong Kong increased by 30.7% to 5,135 cases in 2025, with total losses rising by 58.4% to HK$3.58 billion.
▪Investment fraud accounted for 11.9% of all deception cases in Hong Kong in 2025 but generated 44.1% of all financial losses.

Southeast Asia scam operations

▪The International Organization for Migration estimates at least 300,000 people are forced to work in Southeast Asian fraudulent operations due to fake job advertisements.
▪Cambodia and Myanmar are primary hubs for criminal groups operating romance and cryptocurrency scams from fortified compounds.
▪Online scams in 2025 cost victims in East Asia, Southeast Asia, Australia, and New Zealand between $88.3 billion and $114.1 billion, according to the United Nations Office on Drugs and Crime.

Illicit cryptocurrency flows

▪Global illicit cryptocurrency flows reached $158 billion in 2025, representing a 145% increase compared to 2024, according to TRM Labs.
▪Illicit activity as a share of total cryptocurrency transaction volume decreased slightly from 1.3% in 2024 to 1.2% in 2025.

Law enforcement response

▪The Hong Kong Police Force established a Virtual Asset Intelligence Taskforce in October 2025 to enhance collaboration with customs and financial authorities.
▪The Hong Kong Anti-Deception Coordination Centre increased its focus on public awareness campaigns regarding investment fraud in 2026.

Fund recovery challenges

▪The probability of recovering stolen funds decreases significantly once they are converted into cryptocurrency and transferred across foreign exchanges or wallets.
▪Combating transnational scam networks requires cross-border cooperation because perpetrators operate outside Hong Kong, often in Cambodia and Myanmar.