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RM1 million cash for bitcoins but robbed instead

Posted in Personal Finance

1 Bitcoin is currently priced at RM26,887.04 (As per as at 12th April 2018). Image right beside. When my friend first told me about it, it was only at around RM4,000. It’s considered the most popular cryptocurrency even if there are now never ending new ones popping up. A few of the more famous ones?  Bitcoin, Ethereum, Ripple and Litecoin. Personally, I do not own any cryptocurrencies. However, I think of blockchain technology as a game-changer in the near future. Perhaps even for property investments.  Think about the possibility of owning a piece of a property for investment or even for co-stay! Proptech has started to become a hotter topic these days. Coming back to the fever for Bitcoin.

Reported in TheStar “Malaysian robbed of over RM1mil in cash when he met bogus Bitcoin seller and broker” was a Malaysian man, Pang who had with him $365,000 (RM1.08 million) with the intention of buying Bitcoins. The source of the money was unknown. He wanted to buy Bitcoin and contacted a Singaporean broker. This Singaporean broker brought him to meet a man who claimed to have Bitcoin to sell and another man who passed himself off as a broker. What happened next was that the two men assaulted the Malaysian and his broker and made away with the large sum of money. This robbery was reported to the police on the same day and the two suspects were later arrested. One of the robber Mohd Abdul Rahman was also earlier charged with housebreaking and theft by night for another incident on March 7 this year in a home in Chuan Park. The Singaporean police said that they were also investigating the origins of Pang’s money, which he carried in cash. The police advised the public to exercise discretion when dealing with strangers, and to avoid carrying large amounts of cash. Full article here. 

It would take me avery long time to have RM1 million cash from just working full-time. Maybe we can learn from this young man how he gained his first RM1 million cash in the first place. As for meeting with strangers who claim to be experts or even brokers, it’s much more logical to meet in some public places. Last but not least, many times when the returns are just way too lucrative, we should be aware that scams continue to happen everyday, everywhere, even in Singapore. Well, if anyone really wants to understand about bitcoins, can always browse This is an expert who will not be out to scam you. Happy weekend ahead.

written on 14 April 2018

Next suggested article: The road to millions, or billions, please be alert


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