Digital Deception: A Romance Scam in South Korea
In a troubling case of digital deception, a man in his 50s from South Korea fell prey to a romance scam that resulted in significant financial losses exceeding 100 million won (approximately $73,500). This fraudulent scheme unfolded after the man connected with a woman claiming to be from Japan on a dating application back in April.
The Scam Unfolds
What began with what appeared to be genuine daily conversations over 46 days ultimately led him to invest large sums of money under the false pretense of a shared future and engagement. The woman convinced him that investments in a cryptocurrency platform she endorsed were essential to their upcoming marriage preparations.
Although the man was initially reluctant due to his unfamiliarity with cryptocurrencies, his fear of losing the woman he believed he was forming a bond with compelled him to make a first investment of 200,000 won. Encouraged by what seemed like immediate gains and successful withdrawals from these investments, his trust in the scheme deepened, and he subsequently invested more, culminating in a staggering total of over 105 million won.
The Dark Turn
However, the scam took a dark turn when the woman began insisting on further payments, citing a hefty daily tax of 5 percent on his earnings. When he reached his financial limits and could no longer comply with her demands, she disappeared.
According to a report from local media, the Financial Supervisory Service (FSS) has cautioned the public about the increasing prevalence of romance scams that employ cryptocurrency as a bait. Victims, they noted, often hesitate to question large financial requests from someone they perceive as a romantic partner.
Authorities’ Response
Such scams frequently involve perpetrators posing as individuals interested in marriage, who subsequently guide their victims to bogus cryptocurrency exchanges and exert pressure for monetary transfers. Authorities emphasize the necessity of verifying that any cryptocurrency exchanges are registered with the Korea Financial Intelligence Unit, warning that many unregistered platforms exist solely to defraud users.
In conjunction with this case, the FSS is set to enhance its focus on combating romance scams tied to crypto, rolling out a nationwide awareness campaign in the coming months to educate the public and minimize the risk of victimization.
Wider Implications in the Crypto Sphere
Incidentally, a recent report by CertiK revealed that crypto investors faced a staggering $2.2 billion in losses from hacks, scams, and breaches in the first half of 2025, with ongoing concerns about the efficacy of protection against these sophisticated threats. The report highlighted that wallet breaches accounted for a substantial portion of losses alongside various phishing attacks, underscoring the urgent need for heightened security measures within the cryptocurrency sphere.
