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

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