According to local media sources, this network, which launders money from overseas frauds, was targeted in a series of raids carried out across the Klang Valley from May 13 to May 21. Eight local men and two women were arrested and a significant amount of assets were seized.

During the raids, law enforcement seized 129 vehicles with private license plates with an estimated value of $3.8 million. Additionally, 75 brand watches worth $2.1 million, 18 luxury vehicles worth $1.7 million, over $100,000 in cash and other assets were seized. Additionally, bank accounts worth $10.8 million were frozen within the scope of the investigation.

According to Inspector General of Police Tan Sri Razarudin Husain, the suspects, aged between 28 and 51, were detained for 3 to 7 days for further investigation. Razarudin shed light on the operations of the network, explaining that the network, which operates mostly in a foreign country, has been active since 2017. The network used a variety of methods, including unregistered exchange offices and cryptocurrency transactions, to transfer and launder funds from illicit activities.

The network used various means to hide its illicit revenues. He was involved in buying and selling exclusive and classic car license plate numbers as well as luxury brand watches through a store located in Bukit Jalil. The network also effectively evaded detection by law enforcement by converting cryptocurrencies into cash through unregistered exchange offices.

Razarudin warned the public to report any suspicious activity related to fraudulent investment schemes or money laundering. “The public is asked to continue to be eyes and ears by passing information to the police regarding fraudulent investment and license plate number buying/selling and related offences.” said.

The cryptocurrency industry experienced a significant decline in total losses from hacks and scams in April.

The month of April witnessed the lowest total losses ($25.7 million) from cryptocurrency-related hacks and scams since CertiK started tracking such data since 2021.

Flash credit attacks caused $129,000 in damage, with the largest incident resulting in $55,000 in damage. This was the lowest number of flash loan attacks since February 2022, with $4.3 million lost to exit scams.

As noted in the report, $336 million was lost to Web3 hacks and scams in the first quarter of this year, with nearly half of the theft of capital occurring in January alone.

Still, this number represents a 23% decrease from the first quarter of 2023. It is also worth noting that $73,885,000 in stolen Web3 capital was recovered on 7 different occasions.