A new study has revealed a surge in crypto scams targeting young women on social media platforms in South Korea. According to the survey, 71 percent of the "romantic scam victims" who got into trouble through social media in Korea 2022 were women, and the vast majority were "39 years old or younger."

Nearly 63 percent of these "love scams" used cryptocurrencies, fake coins, fake forex transfers, or fake token trading platforms.

The data was compiled by a graduate student at the elite Korea University and used data from recent police reports.

Studies have shown that most scammers are using Instagram.

Many scammers also take advantage of dating apps such as WIPPY (14%) and Tinder (7%).

The study found that scammers who have been scammed on social media are currently being scammed out of almost $500,000 worth of fiat currencies and cryptocurrencies every month.

But that figure does not include unreported scams.

The study examined data from 280 cases reported to police agencies by investors in the first half of 2022.

But police are concerned that crypto-related scams are on the rise in South Korea. They have set up a dedicated cryptocurrency fraud fighting unit and conducted crypto-specific training for officials.

The typical "romantic scam" of this type of cryptocurrency is commonly used as a fraud method to exchange currency with a fake platform under the pretext of "asking the victim to help"; There are also scammers who target young, mostly female victims, convincing them they can make easy money by investing in fake virtual currencies; Or someone deceives the victim by claiming they need money to pay for medical bills; Or claim to be stranded overseas, desperate for money, etc.