MDAPA Warns About Crypto Scammers As Bitcoin Approaches US$100,000
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The Malaysian Digital Asset Platform Association (MDAPA) has put out a warning to investors, cautioning them to remain vigilant of scammers as the price of Bitcoin approaches US$100,000.
Other alternative digital assets (altcoins) have also seen a surge in value as of late, which only makes cryptocurrency even more enticing for scammers.
Be wary of unlicensed crypto investment schemes
With the market’s confidence at a high and cryptocurrency prices rising, it is understandable that the public is drawn to the opportunity to make huge gains. However, they must also be wary of the many unlicensed schemes that wish to take advantage of the situation.
Scammers often target groups that are especially vulnerable, like senior citizens who are not overly familiar with social media and have little knowledge of cryptocurrencies. They lure them in with promises of quickly increasing their retirement funds.
According to MDAPA, there have also been complaints that these scammers have been masquerading as agents or proxies of approved digital asset exchanges within Malaysia. They trick unaware investors into investing or offer to trade on their behalf.
Licensed digital asset exchanges in Malaysia
So far, the Securities Commission Malaysia has only approved six digital asset exchanges and two initial exchange offering platforms. These can be found on its official website. The approved exchange platforms are as follows:
Digital asset exchange
- HATA Digital Sdn Bhd
- Luno Malaysia Sdn Bhd
- MX Global Sdn Bhd
- SINEGY DAX Sdn Bhd
- Tokenize Technology (M) Sdn Bhd
- Torum International Sdn Bhd
Initial exchange offering
- Pitch Platforms Sdn Bhd
- Kapital DX Sdn Bhd
Do not use third party intermediaries or agents
The Association reiterates that approved digital asset exchanges will never promise investment returns, lure investors with lavish lifestyles, and employ third-party intermediaries to facilitate any buying or selling of digital assets. Every transaction must be carried out solely by the investors themselves via the exchange’s app or website.
If you encounter a potential scam, report it to the relevant authorities, such as the Commercial Crime Investigation Department (CCID) hotline at 03-26101559 or the National Scam Response Centre (NSRC) hotline at 997.
Read More: How Much Should You Invest In Crypto?
