Miami man loses $42,000 to catfish scam after 'beautiful' woman claimed to be an Estee Lauder exec: 'When I asked her to prove she was real, she agreed to a video call'

A Miami man lost $42,000 to a catfish crypto scam after a 'beautiful' woman claiming to be an Estee Lauder executive told him to invest in the phony scheme. 

The man, who did not want to disclose his identity, told News6 that he first met the  Asian woman, who went by the name Mindy Li, on Instagram in December 2023.

He thought that he was investing his money in Ethereum, the second largest cryptocurrency around, and 'do-it-yourself' platform for decentralized currency. 

But instead, the scammer using the fake online profile was actually fleecing him of his own cash - making him the victim of what investigators call 'pig butchering.'

The victim even asked Li to have a video call to prove that the crypto scheme was real - to which she agreed. Before this, he had just seen her photos on LinkedIn and other social media sites. 

The woman on the video 'looked pretty similar not exactly the same,' the victim admitted - saying that he put it down the facial discrepancies to her probably using filters on social media. 

The scammer's profile (pictured) used the name Mindy Li. The victim asked Li to have a video call to prove that the crypto scheme was real - to which she agreed. Before this, he had just seen her photos on LinkedIn and other social media sites

The man, who did not want disclose his identity, told News6 that he first met the Asian woman, named Mindy Li, a chief executive officer at the beauty company, on Instagram in December 2023.

The victim added: 'I was suspicious because she wasn’t the exact girl, but I dismissed it to photo filters.'

According to News 6, the fake images of Mindy Li were linked to more than a dozen profiles across the globe - which were using different names such as Kim Hamilton and Ming Jeong.

In the beginning the man invested $500 to $1,000 on Crypto.com. He said at first the 'gains were real.' At one point, Li told him that he would see gains of one percent a day.

Although his bank alerted him that it was risky transferring money, the man saw that he was making a profit he continued to dole out thousands.

When she suggested he move his money to a different site and account, he did so - but soon after he lost touch with her, and the $42,000 he had forked out. 

Investigators said that the man was a victim of pig butchering -  an investment fraud scam in which victims are gradually lured into making increasing cryptocurrency contributions before the party they are dealing with disappears.

Reflecting on his folly, the victim said: 'I guess I lost big money, stupid me.'

He saw her LinkedIn profile with photos and believed she was legitimate

The person behind Mindy Li's profile scammed the Miami man out of $42,000

According to News 6, the fake images of Mindy Li were linked to more than a dozen profiles across the globe - which were using different names such as Kim Hamilton and Ming Jeong

The woman's face is being used across multiple platforms in the scam

The man said the website he was directed to deposit his cash looked similar to a video game. He saw his money going up and then down.

At one point, his $48,000 increased to $55,000 - and when he asked to pull the money from the account, he was told he would have to pay to do that.

He added: 'I saw my money going up and down, but it was a trap. My money was already gone.'

In 2023, the U.S. Federal Trade Commission reported losses to romance scams total $1.14 billion, with median losses per person of $2,000, in 2023. 

The agency reports romance scams are 'the highest reported losses for any form of imposter scam.'