Malaysian police announced the reality of investment scams from last year, and some alarming numbers came out. There were over 9,600 scam cases, with total damages of 1.47 billion ringgit. It means the victims are being hit with losses in rm currency.

The scariest part is that scams using cryptocurrency platforms are rapidly increasing. It seems that scammers are increasingly tricking victims with stablecoins like USDT and getting them to send money to illegal digital wallets. Since they’re said to be the second most common after stock scams, it’s probably spreading quite widely.

When you see news like this, it really makes you think you have to be very careful with investment talk from exchanges you don’t know or that suddenly pop up.