Hong Kong police say romance-linked crypto fraud drained about $9 million from victims in just one week, underscoring how long-running online confidence scams are still being used to funnel people into fake investment platforms.
In a separate development in Malaysia, official backing for Malaysia Blockchain Week was withdrawn after public criticism over an after-party promotion featuring influencer, DJ and actress Siew Pui Yi, who was previously known for adult content on OnlyFans.
Hong Kong logs 25 cases in one week
Police in Hong Kong recorded 25 romance scam reports between July 24 and July 30, with combined losses of roughly $9 million. Among the cases was an insurance agent who lost $3.3 million after a man posing as her online boyfriend persuaded her to put money into a fraudulent crypto application.
The reported losses show the scale these scams can reach when victims are drawn into repeated transfers over time. In the case highlighted by local police, the supposed relationship became the route through which the victim was introduced to the fake investment scheme.
How the scam typically works
According to the reported pattern, fraudsters usually make first contact through dating apps or messaging platforms. They may spend weeks or even months building trust before suggesting cryptocurrency investing as a way to make money.
Victims are then directed to a website or app designed to look like a legitimate trading service. The platform shows fabricated gains, encouraging larger deposits. Many only discover the deception when they try to withdraw funds and find the money is no longer accessible.
Malaysia Blockchain Week loses government support
In Malaysia, Malaysia Blockchain Week lost government support after an online backlash over promotional material for an after-party. The controversy centered on Siew Pui Yi, a local influencer who had previously built a large following on OnlyFans.
The backlash came from conservative social media users after the promotional content circulated online. Although Siew has not been active on OnlyFans since 2022, the association was enough to trigger criticism around the event and its official ties.
Organizers apologize and cancel performance
Event organizers apologized to Malaysia’s Ministry of Digital and to the Malaysia Digital Economy Corporation following the controversy. They also canceled the planned performance and removed references to it from the event website.
The withdrawal of support came shortly after another politically sensitive episode in Malaysia’s tech scene, when the country moved against the Network School over hosting Israelis. In the case of Malaysia Blockchain Week, the confirmed next steps were the apology, the cancellation of the appearance and the scrubbing of the promotional material.
Source: cointelegraph.com