Malaysia Police Arrest 13 in Fake Crypto Exchange Scam

Cointime update: Malacca police arrested 13 people, including 11 Chinese men, one Chinese woman and one Taiwanese man aged 24 to 36, in a raid on a residence at Taman Kota Shahbandar on November 4. The gang allegedly used Telegram, QQ Chat and Soul to lure Chinese victims into trading on a fictitious cryptocurrency exchange with promises of romance and high returns. Police seized 12 laptops, a desktop, 26 phones and a router worth about 50,000 ringgit; the 13 are held until November 8.