Malaysian authorities have successfully dismantled a fraudulent forex investment and cryptocurrency syndicate that had been operating within the country. The syndicate, which had been involved in money laundering activities related to overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21. As a result of these operations, eight men and two women were arrested, and a significant amount of assets were seized. Local media outlets have reported that the confiscated assets include 129 vehicles with exclusive registration plates valued at $3.8 million, 75 branded watches worth $2.1 million, 18 luxury vehicles worth $1.7 million, over $100,000 in cash, and other assets. Additionally, bank accounts totaling $10.8 million have been frozen as part of the investigation. Inspector-General of Police Tan Sri Razarudin Husain disclosed that the suspects, aged between 28 and 51 years old, have been remanded for further investigation. Razarudin highlighted that the syndicate has been active since 2017, mainly operating from a foreign country. The syndicate utilized various methods, including unregistered money changers and cryptocurrency transactions, to transfer and launder funds obtained through illegal activities. It also engaged in the sale and purchase of exclusive car registration numbers and luxury branded watches through a shop in Bukit Jalil. Additionally, the syndicate converted cryptocurrencies into cash through unregistered money changers to avoid detection by law enforcement agencies. Razarudin urged the public to remain vigilant and report any suspicious activities related to money laundering or fraudulent investment schemes. In other news, the cryptocurrency industry experienced a significant decrease in combined losses from hacks and scams in April. According to data from CertiK, the month recorded the lowest amount of losses 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 marks the lowest incidence of flash loan attacks since February 2022, while $4.3 million was lost to exit scams. Despite these figures, the first quarter of this year saw $336 million lost to Web3 hackers and fraud, with nearly half of the capital stolen in January alone. However, this number represents a 23% decrease compared to the first quarter of 2023. It is worth noting that $73,885,000 has been recovered from stolen Web3 capital in seven specific cases.
