Seven Suspects in Gigamax Crypto Scam Wanted by Police

Malaysian police have issued wanted notices for seven suspects behind the cryptocurrency investment scam, Gigamax.

Gigamax was an investment platform launched in 2022 by the NGO Gabema, which lured investors with “knowledge” of blockchain and decentralized finance, promising daily withdrawals.

The platform operated for about a year before investors found the website inaccessible and their funds trapped.

So far, 101 cases have been reported to the police, with reported losses exceeding RM7.25 million.

An Indonesian national, Awaludin, was also wanted and was believed to be the mastermind of the scam.

Police believed the suspect, Muhamad Nizam Sahar, has fled to Dubai, but the rest, including Awaludin, were still in Malaysia.

Last month, Malaysian police arrested 11 individuals involving the scheme. Investigations are still ongoing.

Meanwhile, the police also appealed to the public who had information about the wanted to report to the police station.