Malaysian Retiree Loses Over $100k in Crypto Investment Scam
A 71-year-old retiree in Kuala Terengganu fell victim to a cryptocurrency investment scam, losing RM525,000 after responding to a Facebook advertisement promising substantial returns. The scam, which involved seven transactions between August 20 and September 29, highlights the growing trend of fraudsters targeting senior citizens through social media platforms.
Authorities have noted a rise in crypto-related scams, particularly those leveraging fake celebrity endorsements or mimicking legitimate projects. While the specifics of this case remain unclear, the victim was allegedly enticed by the prospect of a $500,000 return on investment. Facebook ads have become a common vector for such schemes, often directing users to fraudulent exchanges or investment platforms.
