A recent study has shown that there has been an increase in crypto scams in South Korea that target young women on social media platforms. The study found that 71% of "romance scam victims" on social media in 2022 were women, with the majority being aged 39 or below.

Almost 63% of these scams involved the use of crypto, fake coins, fake foreign exchange transfers, or bogus token trading platforms.

Scammers are primarily using Instagram and dating apps like WIPPY and Tinder to target victims, and are making off with almost half a million USD worth of fiat and crypto a month. Police in South Korea have formed special crypto scam-fighting departments and invested in crypto-specific training for officers to combat this issue.