Kuala Lumpur court orders government to return 497.82 bitcoins to 9 victims in 1% daily return scam

BlockBeats news, October 22 - According to Malaysian media reports, the Kuala Lumpur High Court has ruled that the government must return a total of 497.82 bitcoins to 9 victims of an investment scam. Based on 2023 valuations, these bitcoins are worth approximately $17.6 million.

The court found that between 2015 and 2016, the 9 victims were deceived by two men, Fadino Khairuman and Asyran Ismail, into depositing a total of 362.04 bitcoins into a Bitkingdom wallet, with the promise of a 1% daily investment return. The bitcoins were subsequently transferred to wallets under the two men's names and eventually seized by law enforcement authorities.

The judge noted that the bitcoins involved underwent multiple transaction transfers, involving a layering process, but the victims did not lend bitcoins to the defendants; rather, they lost their assets due to fraud, and therefore have legitimate rights to the seized assets.

The court ultimately ruled that the 497.82 bitcoins should be distributed proportionally based on the amount initially invested by each victim, with each receiving between 0.68% and 11.7% of the total.