Malaysian Housewife Scammed out of Over RM700,000 by Bitcoin Investment Scam App "UVKXE"

A Malaysian housewife fell for an online Bitcoin investment scam, losing RM752,398 after being lured by promises of lucrative returns.

The victim was drawn into the scheme through a Facebook advertisement in late August. Clicking on the ad for more information, she was added to a group called “VIP Investment Group (Malaysia)” and briefed by several individuals about the scheme's promising returns within a month.

To monitor her Bitcoin investments and view profits, the victim downloaded the “UVKXE” application. Encouraged by the “high returns”, she made 12 transfers to seven different bank accounts, totaling RM896,813.

The victim saw a profit of 185,838 USDT in the UVKXE application and attempted to withdraw the funds, but was only paid RM144,415. For subsequent withdrawals, she was told to pay 1% of the profit as a fee.

Upon realizing she had been scammed, she filed a police report.

BrokersView recommends caution against online investment schemes promising high returns with minimal risk.