He Met A Girl on TikTok and Lost RM144K in a Fake Crypto Scam

A construction contractor in Terengganu has lost RM144,781.21 after being drawn into a cryptocurrency investment scheme that police say did not exist.

The 59 year old man was introduced to the purported opportunity in early August after meeting a woman on TikTok who claimed to be Korean. According to police, the woman persuaded him to participate in an investment arrangement that promised substantial returns within a short period.

The prospect of rapid profits ultimately convinced the contractor to commit money from his business savings. Between Aug 4 and Sept 9, he made 14 separate payments involving a total of RM144,781.21, with the funds sent to 11 different bank accounts.

The pattern of transactions became significant only after the expected returns failed to materialise. Rather than receiving the profits he had been promised, the contractor found himself unable to recover his original investment. Attempts to contact the woman, identified as Eun Pyun, also failed.

The incident was reported to police on Sept 18, with the complaint lodged at 6.19pm. Kuala Terengganu district police chief ACP Azli Mohd Noor said the case was being investigated under Section 420 of the Penal Code, which concerns cheating.

The use of cryptocurrency as the supposed investment vehicle can further complicate matters because digital assets are often associated with fast moving markets and potentially large returns. For investors, however, the underlying warning remains broader than cryptocurrency itself. A promise of unusually quick or lucrative gains can be a critical warning sign when the identity of the operator, the investment structure and the destination of funds have not been properly verified.

Malaysia's financial regulators have continued to warn the public about unauthorised investment operations. The Securities Commission Malaysia maintains an Investor Alert List covering unauthorised websites, investment products, companies and individuals, while Bank Negara Malaysia separately maintains its Financial Consumer Alert List. Both resources are intended to help members of the public conduct checks before committing funds.