Student loses over RM80,000 in Bitcoin scam via WhatsApp

I’ve seen a few people on my Facebook and Instagram talking about Bitcoin, and I’ve never delved too deep into it to know if they’re trying to sell it or just preach about it. However, I’m surprised that a student has been scammed RM84,600 over Bitcoin, after it was advertised on Facebook.

According to Melaka Commercial Crime Investigation Department Chief Supt E Sundra Rajan, the 25-year-old victim was briefed about investing in Bitcoin through WhatsApp after reaching out on Facebook. She was promised a “lucrative return within 72 hours”, and was instructed to register on a website” between 5 January and 8 January.

“The victim made several payments to five different accounts in stages to buy Bitcoin totaling RM84,600. The suspect continued to direct the victim to make payments until she ran out of money, which led the victim to inform her family members,” said the Chief Superintendent.

He continued saying that the student then lodged a police report on 8 January at the Tengkera Police Station. The case was being investigated under Section 420 of the Penal Code for fraud.

The Chief Superintendent also advised the public not to be fooled by advertisements and offers that promise lucrative returns in a short time. He said you can obtain investment-related information through official sources such as Bank Negara Malaysia (BNM) and Securities Commission (SC).

It is also advisable to buy or trade Bitcoin and other cryptocurrencies through a Digital Asset Exchange that are approved by Malaysia’s Securities Commission. This includes Luno, Sinergy, and Tokenize Exchange. Currently, 1 Bitcoin equals to RM138,174.98.

Bitcoin scams have also been a thing for some time. In July 2020, multiple high-profile verified Twitter accounts like Apple and Uber, as well as high-profile individuals like Bill Gates, Elon Musk, Joe Biden were hacked to share Bitcoin scams.

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