30 individuals lose RM22 million over bitcoin scheme

30 individuals recently lodged a police report against a bitcoin investment scheme claiming that, collectively, they have lost over RM22 million.

The investment scheme, fronted by a local film producer, ‘sold’ cheap bitcoins at RM1,800 per bitcoin in July 2016 when the going rate for one bitcoin at that time was close to RM12,000 and promised lucrative returns. The victims got weary when the scheme failed to provide the returns that was promised.

Mohd Alif Basari, one of the 30 individuals that made the report against the investment scheme claimed that he had invested more than RM60,000 and had only received RM2,000 in returns. Basari first joined the bitcoin investment scheme in April 2016 after attending a briefing about the scheme organised by a local film producer at a hotel in KL.

“We were promised monthly dividend based on the purchase of one bitcoin priced at RM1,800. In the first few months, I received returns of about RM500 to RM600 in cash.

“Seeing the returns, I invested up to 20 more bitcoins as at July 2016. Nonetheless, after that the investment system began to struggle when the issuance of dividend was halted causing me to be worried,” he told The Malay Mail.

Basari was among the 30 other victims who made a police report against the investment scheme in hopes that it will be investigated so that others will not be duped.

The Malaysian Cyber Consumer Association (MCCA) chairman, Siraj Jalil said to date, more than 300 individuals had come forward to complain to the association. 

“All victims who lodged reports suffered losses of between RM10,000 to RM600,000 after joining the syndicate since 2015,” he said.

[SOURCE]