A regional media outlet of Malaysia reported on September 29, 2025, that a retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment.
The victim got tricked after coming across the dubious investment opportunity via a Facebook advertisement. Once the 71-year-old retiree interacted with the ad, the scammer approached him via online communication.
Over time, fake crypto investment scams have grown on social media, especially on Facebook, Instagram, and Telegram. In the fake video or graphics, scammers usually place malicious links that redirect the victims to fake platforms.
Azil Noor, the police chief of Kuala Terengganu district, said the scammers promised returns of $500,000 on his investment. He further said the victim made seven transactions in the bad actor’s account between August 20 and 27 using his retirement savings.
Malaysia facing higher crypto theft cases, especially with senior citizens
Malaysia has indeed experienced a significant uptick in crypto-related thefts and scams in 2025, with authorities reporting a sharp focus on vulnerable groups like senior citizens.
As per the Bukit Aman Commercial Crime Investigation Department, crypto scams now account for nearly 90% of all crypto-related crimes in the country, building on 5,507 cases recorded between 2019 and 2023 that resulted in losses of approximately RM417M.
It is said that senior citizens are becoming the primary target of scammers, as the older generations are less technology-prone and only a small percentage of this age group prefer to dive into the technological world deeply.
In 2024, the total number of scam cases reached 35,368, causing a total loss of RM1.6 billion, 84.5% of all commercial crimes, with investment scam comprising 23%.
Despite these scams, Malaysia has also reported a surge in illegal crypto mining activities, mainly due to less harsh rules and regulations.