A South Korean man in his 50s has fallen victim to a romance scam, resulting in a loss exceeding 100 million won (approximately $73,500) linked to fraudulent cryptocurrency investments.
Key Insights:
A South Korean individual lost over $73,000 due to a deceitful online romance.
Scammers often impersonate potential partners to entice victims into fake cryptocurrency exchanges.
Korean authorities are planning a national initiative to address crypto-related romance scams.
This unfortunate incident began in April when the man connected with a woman who claimed to be from Japan through a dating application. Their interaction spanned 46 days of daily communication, which led him to believe in the authenticity of their relationship, as reported by a local news source.
Persuaded by the woman, who suggested that investments in a recommended cryptocurrency exchange were necessary for their future together, the man was led to invest in the venture under the pretense of preparing for their marriage.
Desperation for Connection Fuels Investment
Despite his initial reluctance due to inexperience with digital currencies, the man was motivated by the fear of losing her affection. He proceeded to invest an initial sum of 200,000 won.
After experiencing what seemed to be quick profits and successful withdrawals, his confidence soared, prompting him to invest increasingly larger amounts. Over several weeks, his total investment escalated to over 105 million won.
However, the woman soon began making further demands, claiming a heavy 5 percent daily tax on his supposed profits. When he could no longer meet her growing financial requests, she severed all communication and disappeared.
The Financial Supervisory Service (FSS) has since issued warnings regarding the perils of romance scams that involve cryptocurrency, emphasizing that victims often struggle to question financial solicitations from individuals they perceive as romantic partners.
Scammers frequently pose as foreign interests seeking marriages, subsequently sending links to fraudulent exchanges while pressuring victims to transfer funds.
My female friends have gotten romance scammed 6 figures and I’m like how and why it’s just crazy but yes it goes both ways can’t believe people fall for it
— Meme Coin Calls (@memecoin_calls) July 1, 2025
Authorities have reiterated the necessity for virtual asset exchanges to register with the Korea Financial Intelligence Unit to operate legally in the country.
Numerous unregistered platforms are simply scams designed to deceive individuals and misappropriate their deposits. Officials have advised the public to be vigilant regarding investment opportunities presented through dating applications or social media platforms.
In a bid to combat rising crypto-related romance scams, the FSS plans to launch a nationwide awareness campaign in the latter half of the year, aiming to educate the public and reduce the incidence of victims falling prey to such fraudulent activities.
Crypto Losses Surge Amidst Scams in 2025
Investors faced significant losses exceeding $2.2 billion from hacks, scams, and breaches in the first half of 2025, largely attributed to wallet compromises and phishing attacks, according to the latest security report from CertiK.
Wallet breaches alone accounted for losses of $1.7 billion over just 34 incidents, while phishing scams inflicted damages of over $410 million across 132 attacks.
Two major events, including a $1.5 billion hack at Bybit in February and a $225 million exploit at Cetus Protocol in May, significantly inflated the year’s totals, with these incidents together responsible for nearly $1.78 billion in losses.
Excluding these major breaches, total losses would align more closely with previous years, approximately around $690 million.
Ethereum continued to be the primary target, suffering more than $1.6 billion in losses over 175 incidents.
The report highlighted the increasing sophistication of phishing schemes and the persistent risks associated with social engineering, urging crypto users to verify links, exercise caution with unknown websites, and utilize hardware wallets for greater security.
The post Fake Japanese Bride Drains a Korean Man’s Savings via Crypto Scam appeared first on Finance Newso.
