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Rising Crypto Scams: Japanese Romance Deception Claims Korean Investor

A recent romance scam has highlighted the risks associated with cryptocurrency investments in Japan and beyond.

A Korean man in his 50s fell victim to an elaborate scheme that cost him over 100 million won, equivalent to about $73,500.

The scam began when he met a woman claiming to be Japanese on a dating app, leading them to engage in daily conversations for 46 days.

Under the guise of planning a future together, she convinced him to invest in a cryptocurrency exchange, claiming the money was necessary for their marriage preparations.

Despite initial hesitations about digital assets, his fears of losing her love led him to invest progressively larger sums after seeing what seemed to be quick profits.

However, the woman's demands escalated, requiring further payments under the pretense of a daily tax on his supposed earnings.

Ultimately, when he could no longer meet the demands, she disappeared without a trace.

The Financial Supervisory Service (FSS) in Korea has issued warnings about the commonality of romance scams tied to cryptocurrencies, urging vigilance among potential victims.

Authorities stress the necessity for virtual asset exchanges to be registered with the Korea Financial Intelligence Unit to operate legally.

In response to increasing incidents, the FSS plans to enhance its efforts against crypto-related romance scams and raise public awareness in the coming months.