Two Malaysian professionals collectively lost RM5.2 million after falling victim to cryptocurrency scams. The victims, a 57-year-old lawyer and a 53-year-old oil and gas company manager, were lured by deceptive promises of profits.
Malaysian professionals lose RM5.2 million in crypto scams
The lawyer, initially drawn in by a Facebook ad, made transactions totaling RM1.33 million with a company called Kakaue Exchange (USA). Suspicions arose when he couldn’t withdraw profits and realized the cryptocurrency wasn’t offered elsewhere.
The oil and gas manager lost RM3.91 million through the Baorul Exchange. Authorities are investigating these cases under Section 420 of the Penal Code, urging caution in cryptocurrency investments. Remember to seek advice from the Securities Commission before investing in such ventures.
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