RM12.47mil in cryptocurrency stolen from man's digital wallet

IPOH: A 38-year-old man has suffered losses of RM12.47 million after his cryptocurrency assets were transferred from his digital wallet without his knowledge or authorisation.

Perak police chief Datuk Mohd Alwi Zainal Abidin said the victim discovered the loss while he was in Teluk Intan about 1pm yesterday.

He said preliminary investigations found that the transactions involved the transfer of cryptocurrency assets through a blockchain network.

"Police are conducting further investigations to identify those involved and trace the transactions, with assistance from the Bukit Aman Commercial Crime Investigation Department's Cryptocurrency Unit," he said in a statement.

The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping and a fine upon conviction.

Alwi advised the public, particularly cryptocurrency and digital wallet users, to remain vigilant against phishing attempts and online scams.

He reminded users not to click on suspicious links or disclose their recovery phrases, private keys or passwords to anyone.

"Users are also advised to check their transaction records and connected applications regularly, and to keep savings wallets separate from those used for daily transactions.

"Anyone who suspects their account has been compromised should stop using the affected device, preserve digital evidence, contact the platform provider through official channels and lodge a police report," he said.

He also urged the public to strengthen their digital security measures to avoid falling victim to cybercrime.