As a seasoned analyst with years of experience under my belt, I’ve seen it all – from stock market crashes to cybercrime sprees. The recent takedown of a major cryptocurrency scam scheme targeting Japanese nationals by Malaysian authorities is yet another reminder that the digital world can be as treacherous as the wild west.
Malaysian officials recently dismantled a significant cryptocurrency fraud operation that had been focusing on defrauding Japanese citizens.
Based on local reports, the Royal Malaysia Police, or PDRM, apprehended 21 people suspected of fraud following simultaneous searches at two upscale locations in Kuala Lumpur on August 19th.
Among those under suspicion are 16 individuals from China, a woman hailing from Laos, a person residing in Hong Kong, a man originating from Myanmar, and one individual from Malaysia.
The deceptive plan lured victims into investing in bogus cryptocurrency schemes, which were presented on well-known dating sites such as Tinder and Monsters. It’s been verified that the scammers led their marks to make investments using counterfeit apps like Bitbank and CoinCheck.
Furthermore, this ongoing activity, running approximately a month long, was meticulously hidden from view. As reported by the authorities, these deceitful individuals carried out their schemes from secluded bungalows, fortified by high walls and situated far away from urban centers to avoid being discovered by law enforcement agencies.
During the raids, police confiscated 55 phones, 17 computers, and various other electronic devices used to run the fraudulent operation.
Following their arrests, one local suspect was released on police bail once his detention period ended on August 25th. The other twenty individuals continue to be held in custody. The authorities are probing this matter under Section 420 of the Penal Code, which pertains to offenses related to cheating and fraud.
The exact amount of assets lost to this group has not been reported yet.
Data shows that phishing scammers stole $314 million in H1 2024 alone. Belgium’s FSMA confirmed that crypto-related scams made up 50% of all fraudulent activities in the first half of this year.
Last week, Filipino authorities arrested 99 individuals connected to crypto and romance scams.
It’s important to note that Asia isn’t the sole area experiencing a rise in fraudulent activities. According to an article from crypto.news, Australians have lost more than $120 million due to crypto scams over the past year. This escalation of scam cases has prompted stricter monitoring from regulatory bodies. In fact, Australian authorities managed to shut down 615 cryptocurrency fraud websites within a year.
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2024-08-28 12:50