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 <p class="is-style-lead">A Malaysian man, aged 42, has become the latest <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a> of a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency scam, losing nearly RM1 million (approximately $212,000) of his savings.</p>
 <p>According to Johor Baru South Police assistant commissioner Raub Selama, the <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a>, who has not been named, was enticed by a foreign individual who promised lucrative returns on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency investments through a mobile application.</p>
 <p>The scam promised a 60% return within just 60 minutes and additional revenue from each investment transaction.</p>
 <p>Trusting the scheme, the <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a> proceeded to make 126 transactions, amounting to RM989,170, all under the guise of investing in Bitcoin.</p>
 <p>The realization of the scam dawned upon him only when he could not withdraw his funds and discovered his account on the app had been blocked.</p>
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 <p>In a separate but equally alarming case, a 77-year-old Malaysian man was defrauded of RM207,900 (about $44,540) in a phone scam.</p>
 <p>The elderly <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a> was deceived by a caller, posing as a representative from a delivery company, who falsely claimed that the <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a> had sent a parcel containing sensitive documents and was under investigation.</p>
 <p>The latest incidents have prompted a stern warning from the authorities.</p>
 <p>Assistant Commissioner Raub Selamat advised the public to remain vigilant, suggesting using tools like Semak Mule to verify account numbers and conduct thorough research on any company before investing.</p>
 <p>He also cautioned against entertaining calls from unknown numbers, especially those claiming to be from parcel delivery services.</p>
 <h2 class="wp-block-heading" id="crypto-misuse-in-asia">Crypto misuse in Asia</h2>
 <p>The rise in such scams in Malaysia is part of a larger trend in Asia, where countries are increasingly tightening their anti-money laundering regulations in response to the growing misuse of cryptocurrencies.</p>
 <p>For instance, Taiwan recently witnessed its largest crypto-related money laundering case involving the laundering of approximately $320 million USD through digital assets. In response, Taiwan and other Asian jurisdictions, including Hong Kong, are enhancing their regulatory frameworks to combat such crimes.</p>
 <p>In July 2022, Taiwan’s Financial Supervisory Commission issued a directive to its banking sector, prohibiting credit card purchases of digital assets and underscoring the speculative nature of such investments.</p>
 <p>The move is part of a broader effort to mitigate the risks associated with digital currency transactions and to protect consumers from potential financial losses.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/malaysian-man-falls-victim-to-200k-crypto-scam-tbt70920.html">https://thebittimes.com/malaysian-man-falls-victim-to-200k-crypto-scam-tbt70920.html</a></p>

Malaysian man falls victim to $200k crypto scam

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