Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Malaysia Busts Major Cryptocurrency Scam

August 28, 2024
Reading Time: 2 mins read
in News

Malaysian authorities have successfully taken down a major cryptocurrency scam that targeted Japanese nationals. The Royal Malaysia Police, or PDRM, arrested 21 individuals in connection with the fraud in coordinated raids on two upscale properties in Kuala Lumpur. Among those arrested were 16 Chinese nationals, one Malaysian, a woman from Laos, a Hong Kong resident, and a man from Myanmar. The scheme, which had been operational for about a month, used dating platforms such as Tinder and Monsters to trick victims into investing in fraudulent cryptocurrency opportunities.

The perpetrators convinced their targets to invest in fake cryptocurrency apps like Bitbank and CoinCheck. To avoid detection, the operation was based in remote bungalows hidden behind tall fences. Police seized 55 phones, 17 computers, and other electronic devices used to run the scam during the raids. The exact amount stolen through the operation has not been reported, but authorities are investigating the case under Malaysia’s Penal Code, specifically Section 420, which pertains to fraud and cheating.

While the local suspect was granted police bail, the other 20 individuals remain in custody. This case is part of a larger trend of cryptocurrency fraud schemes in Asia, where scammers have increasingly turned to dating platforms and social media to deceive investors. Earlier, Filipino authorities arrested 99 individuals connected to similar scams, demonstrating a rise in crypto-related fraud across the region.

Globally, the rise in cryptocurrency scams has alarmed authorities. In the first half of 2024 alone, phishing scammers stole $314 million, with half of all scams involving cryptocurrency. Australian authorities have also cracked down on these schemes, dismantling over 600 fraudulent crypto websites in the past year as the issue continues to grow worldwide.

 

Reference:

  • Crypto investment scam targeting Japanese citizens busted, 21 held – Police

Tags: August 2024CryptocurrenciesCyber NewsCyber News 2024Cyber threatsCybersecurityJapanMalaysiaScams
ADVERTISEMENT

Related Posts

Insider Arrested in Brazil PIX System Hack

Insider Arrested in Brazil PIX System Hack

July 7, 2025
Insider Arrested in Brazil PIX System Hack

EU Plans Quantum Secure Network by 2030

July 7, 2025
Insider Arrested in Brazil PIX System Hack

Prime Day Scams Use 1000 Fake Amazon Sites

July 7, 2025
Spain Busts $11.8M Investment Fraud Ring

Spain Busts $11.8M Investment Fraud Ring

July 4, 2025
Ransomware Gang Hunters International Folds

Ransomware Gang Hunters International Folds

July 4, 2025
Interpol Warns of New West Africa Scam Hub

Interpol Warns of New West Africa Scam Hub

July 4, 2025

Latest Alerts

APT36 Targets Indian Defense Linux Systems

hpingbot Botnet Uses Pastebin C2 Channel

Hackers Abuse Driver Signing For Malware

Google Removes 352 ‘IconAds’ Fraud Apps

Malicious Firefox Add Ons Steal Crypto Keys

Browser Cache Attack Bypasses Web Security

Subscribe to our newsletter

    Latest Incidents

    Ransomware Attack Causes Outage at Ingram

    Call of Duty Players Hacked on Game Pass

    RansomHub Claims Theft of Coppell City Data

    Tech Incubator IdeaLab Discloses Data Breach

    Brazil’s CIEE One Exposes 248,000 Records

    McLaughlin & Stern Discloses Data Breach

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial