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Malaysian Authorities Dismantle Forex Investment Fraud Syndicate
Malaysian authorities have successfully dismantled a forex investment fraud and cryptocurrency syndicate that had been operating in the country. The syndicate, which had been laundering funds obtained through overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21.
Arrests and Seizures
As a result of the raids, eight local men and two women were arrested, and substantial amounts of assets were seized. Law enforcement officials managed to confiscate 129 vehicles with exclusive registration number plates, estimated to be worth $3.8 million. Additionally, they seized 75 branded watches valued at $2.1 million, 18 luxury vehicles worth $1.7 million, over $100,000 in cash, and more assets. Bank accounts totaling $10.8 million were also frozen as part of the investigation.
Syndicate’s Operations
Inspector-General of Police Tan Sri Razarudin Husain highlighted that the suspects, aged between 28 and 51 years, were remanded for further investigation. The syndicate had been active since 2017, primarily based in a foreign country. It utilized various methods, including unregistered money changers and cryptocurrency transactions, to transfer and launder funds from illegal activities.
The syndicate engaged in the sale and purchase of exclusive and classic car registration numbers, as well as luxury branded watches through a shop in Bukit Jalil. Moreover, it converted cryptocurrencies into cash through unregistered money changers to evade detection by law enforcement agencies.
Public Awareness
Razarudin urged the public to remain vigilant and report any suspicious activities related to money laundering or fraudulent investment schemes. He emphasized the importance of public cooperation in combating such criminal activities.
April Records Lowest Crypto Hack Losses
The cryptocurrency industry experienced a significant decrease in combined losses from hacks and scams in April. The month saw the lowest combined losses from crypto-related hacks and scams since 2021, with approximately $25.7 million lost to exploits, hacks, and scams.
Flash loan attacks accounted for $129,000 in losses, with the largest incident causing $55,000 in damages. This marked the lowest incidence of flash loan attacks since February 2022. Additionally, $4.3 million was lost to exit scams.
Despite the decrease in losses, the first quarter of this year witnessed $336 million lost to Web3 hackers and fraud, with nearly half of the capital stolen in January alone. However, there was a 23% decrease compared to the first quarter of 2023. Notably, $73,885,000 has been recovered from stolen Web3 capital in specific situations.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
