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Man loses over $73,000 in romance scam using crypto exchange

Published: 02 Jul. 2025, 16:20 Updated: 02 Jul. 2025, 18:44

A file photo depicting a romance scam [JOONGANG PHOTO]

A man in his 50s lost over 100 million won ($73,500) in a romance scam after being tricked into believing he was in a relationship with a Japanese woman he met through a dating app, according to financial authorities on Wednesday.

The man first began exchanging messages with the woman in April, and they continued to chat daily for 46 days. Believing the relationship had turned romantic, he eventually promised to marry her.

The woman then claimed she needed to prepare funds for their marriage and urged him to invest in a cryptocurrency exchange she was using. Although initially reluctant due to his lack of knowledge about virtual assets, the man feared losing her and agreed to invest 200,000 won.

After confirming that the investment generated profit and that withdrawals were possible, he began to trust her more. Encouraged by the apparent success, he continued investing, eventually putting in a total of 105.2 million won.

Later, the woman demanded additional payments, saying the profits were subject to a 5 percent daily tax. When the man said he could no longer send money, she broke off contact and disappeared.

The Financial Supervisory Service (FSS) warned on Wednesday that romance scams are particularly damaging because victims often struggle to refuse requests from someone they believe to be a partner, leading to large financial losses.

Scammers typically pose as foreigners planning to visit Korea, expressing romantic interest and sending links to crypto exchanges while claiming to have made successful investments. If someone sends such links via dating apps or social media, authorities warn that it is likely a scam.

Even if an exchange claims to be based overseas, conducting business with Korean residents without registering with the authorities is illegal. Most unregistered virtual asset exchanges are scams, and users should always verify their legal status through the Korea Financial Intelligence Unit.

The FSS said it is ramping up efforts to combat crypto investment scams and will launch a nationwide campaign to raise public awareness in the second half of the year.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY LEE HAY-JUNE [[email protected]]