Malaysian Doctor Loses Over $130,000 Due to Cryptocurrency Investment Scam Trap

An elderly specialist doctor in Malaysia has become a victim of a sophisticated cryptocurrency scam, with total damages exceeding 130,000 USD. The incident once again sounds the alarm about the wave of crypto scams increasingly targeting the elderly. Lured Through Social Media According to information released by the Perak Police, the Ipoh police station received a report from a 67-year-old man. The case began around late September 2025, when he received a message from an acquaintance on the TikTok platform. This person sent him an investment link and introduced a “digital asset investment opportunity” with high returns. Trusting the explanation and their acquaintance, the doctor agreed to participate. Continuous Transfers, No Profits Received Initial investigation shows that the victim made multiple transfers to different bank accounts provided by the scammer. The total amount transferred was about RM 320,000 (equivalent to 78,000 USD). Notably, these accounts were under the names of various companies, making tracking more complicated. Trouble began when he tried to withdraw his “profits” from the investment account but was unable to do so. At this point, he suspected he had been scammed. “Monday Scam Trap” When Trying to Recover Money In a state of panic, the victim searched for information on Facebook and read about an organization claiming to be International Justice Malaysia (IJM), advertised as supporting victims of financial scams. He contacted someone claiming to be a lawyer who promised to help recover the lost money. However, this person demanded him to pay various fees to “initiate the legal process.” As a result, the doctor lost an additional RM 209,200 (about 51,635 USD). The total loss after two scams reached approximately RM 529,200. After some time without any progress, he realized that the “lawyer” was just exploiting him for profit. Losing all trust in the authenticity of that Facebook page, he decided to report the incident to the police. Police Launch Investigation and Warn Citizens Malaysian police stated that the case has been registered under Section 420 of the Penal Code, related to fraud. Authorities are collecting information to track down and arrest the involved parties. A police representative emphasized that this is not an isolated case. Previously, in June 2025, another retired doctor discovered he had been scammed after more than 11 years of participating in a non-existent “crypto investment project,” with damages reaching RM 3.9 million. According to the police, scammers are increasingly targeting the elderly because they often lack knowledge about technology and digital assets, and are easily convinced by familiar relationships. Warning and Advice The police advise the public to be especially cautious of cryptocurrency investment invitations on social media, especially those promising high profits, easy withdrawals, or requiring transfers to multiple accounts. When suspecting a scam, victims should immediately report to authorities instead of seeking “fund recovery” services of unknown origin. This incident is a clear reminder that in the field of cryptocurrency, lack of knowledge and vigilance can lead to very costly consequences, especially for the elderly.