A 62-year-old Malaysian woman has fallen prey to a cryptocurrency investment scheme, resulting in a substantial financial loss. This incident highlights the dangers associated with fraudulent crypto ventures that proliferate on social media.

The Deceptive Beginning

In April, the 62-year-old senior citizen entered into a transaction with an individual representing a company known as Syarikat Bitcoin Yoamax. The scam was initially advertised on the social media platform Meta, formerly Facebook, attracting the victim.

Unfulfilled Promises

Promising substantial returns, this investment programme garnered significant attention through platforms like Meta and WhatsApp. To participate, the victim was required to share her personal information, including her name, identification number, and banking details. Furthermore, she was instructed to download the Yoamax application.

Initially, the victim invested RM35,320 across seven separate transactions. However, her attempts to withdraw her alleged profits were met with a demand for additional funds to process the withdrawals. Deceived by the fraudsters, she deposited an additional RM164,417, believing that this sum would be returned to her.

Deceptive Tactics Continue

The fraudsters persisted in their deception, claiming that an extra RM99,636 was essential for foreign currency exchange purposes. Despite making the requested deposits, the victim received neither payments, profits, nor the return of her initial capital.

A Costly Lesson

In total, the elderly victim lost over RM299,000 before realising the extent of the scam and subsequently reporting the incident to the police.

This unfortunate incident serves as a stark reminder of the risks involved in cryptocurrency investments, particularly those that originate from suspicious sources on social media platforms.

In a related incident, a recent cryptocurrency scam involved the hacking of the crypto oracle Tellor's X (formerly Twitter) account to promote a non-existent token airdrop scam. Hackers lured victims with promises of an airdrop for Tellor's native TRB token, but the provided link directed them to a phishing website.

Stay vigilant and cautious when considering cryptocurrency investments, especially in response to online promotions.