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>>Malaysian authorities have apprehended ten individuals involved in forex and crypto investment fraud, resulting in the seizure of millions of dollars in assets.

Malaysian authorities have apprehended ten individuals involved in forex and crypto investment fraud, resulting in the seizure of millions of dollars in assets.

crypthub

1/24/2025, 11:50:08 AM

Malaysian Authorities Crack Down on Forex Fraud Syndicate

Malaysian authorities have dismantled a sophisticated forex investment fraud and cryptocurrency syndicate operating in the country. The syndicate, responsible for laundering funds obtained through overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21. This operation led to the arrest of ten individuals and the seizure of substantial assets worth millions.

Seizure of Assets and Bank Accounts

During the raids, law enforcement officials confiscated an impressive array of assets, including 129 vehicles with exclusive registration plates valued at $3.8 million, 75 branded watches worth $2.1 million, 18 luxury vehicles totaling $1.7 million, over $100,000 in cash, and other valuable items. Additionally, bank accounts amounting to $10.8 million were frozen as part of the ongoing investigation.

Syndicate's Operations and Methods

The syndicate, active since 2017, primarily based its operations abroad. It employed various strategies for transferring and laundering funds from illegal activities, such as unregistered money changers and cryptocurrency transactions. They also engaged in the sale and purchase of exclusive car registration numbers and luxury branded watches through a shop in Bukit Jalil. To further obscure their illicit proceeds, they converted cryptocurrencies into cash using unregistered money changers.

Crypto Industry's Loss Decreases in April

The cryptocurrency industry experienced a significant decline in combined losses from hacks and scams in April. This month recorded the lowest combined losses since 2021, with approximately $25.7 million lost to exploits, hacks, and scams. Flash loan attacks caused relatively minor losses of $129,000, with the most significant incident resulting in damages of $55,000. This marked a substantial decrease from the previous peak in February 2022. Despite the positive trend, the first quarter of the year saw a total loss of $336 million due to Web3 hackers and fraud, with January accounting for over half of that amount. However, seven instances of recovered stolen Web3 capital totaling $73,885,000 have been recorded so far.