A 63-year-old IT consultant in Malaysia lost RM1,494,410 after falling victim to an online cryptocurrency scam promoted through Facebook ads [1, 2, 3, 4].
The victim first saw an advertisement for the investment scheme on Facebook in December 2023 and clicked the link that led to contact with suspects via WhatsApp [1, 2, 3, 4]. He joined a WhatsApp group called “Saham Mececah Hati Orang,” where he received further information about the investment offer [1, 2, 3, 4].
Authorities said the victim was instructed to download an app named “KAKAUE” and was told to conduct cryptocurrency purchase transactions through it [1, 2, 3, 4]. Between March and September 2024, he made nine separate fund transfers totaling about RM1.49 million to six bank accounts belonging to companies linked to the suspects [1, 2, 3, 4].
Penang police chief Datuk Azizee Ismail said, “The victim was then instructed to download the investment application. Between March 2024 and September 2024, he carried out nine fund transfer transactions to six company bank accounts provided by the suspect, amounting to more than RM1.49 million.” [4]
The scam involved fake cryptocurrency trading tied to USDT, a United States dollar-pegged stablecoin [1, 2, 3, 4]. Although the app displayed profits and the invested capital, the victim was unable to withdraw any funds to his personal bank account after making payments [1, 2, 3, 4].
The victim filed a police report on May 30, 2026, with the Commercial Crime Investigation Department at the Southwest district police headquarters in Penang [1, 2, 3, 4]. Authorities are investigating the matter under Section 420 of the Penal Code for cheating, said Datuk Azizee Ismail [1, 2, 3, 4].
