How To Explain KingSwap Scam To The Victims

Posted by Trezza on April 23rd, 2021

Malcolm Tan Chun Chuen is a legal professional who afterwards transformed into a serial entrepreneur who started several corporations. His target is to earn a wealth of 0 million net worth making sure that he can retire perfectly. Armed with a legislation education from the NUS, he been working as a attorney at law at the Keystone Law Corporation for some time period. He recognized that attaining his 0 million retirement aim is near to not possible if he continues on to do the job for a paycheck, thus he begun to invest and grow different businesses. Our Space, a co-working office; FundedByMe.com, a crowdfunding platform; Wine Bonanza, Museo, Phoenix Telecommunications, BlueSky Group and Gravitas Holdings are some of businesses that he has set-up. Of late, he also began to venture into ICO / ITO consultancy and management consultancy by setting up a corporate advisory firm. By the time of 2017, he has an estimated investment profile of million.Malcolm Tan first got to know Mr Kuek Yak Yeon in March 2017 and he sold him many investment products. Nevertheless, this then transformed into a legal case, causing Mr Malcolm Tan Chun Chuen being disbarred by the Court of Three Judges of Singapore. What transpired was that Mr Kuek registered a complaint on Malcolm Tan to the Legal Society of Singapore, professing that Malcolm has misleaded him in a 0,000 investment, thinking that the sum will be taken care of by Keystone Law Corporation, Malcolm's lawyer firm. To make the scam more persuasive, Malcolm Tan Chun Chuen also made two letters for Mr Kuek to sign, agreeing to participate in the professional services of his law office. Malcolm's dishonesty has helped bring humiliation to the law practicing local community and breached the trust of a solicitor-client partnership. In addition to the disbarring, the court will recommend the circumstance to the Attorney-General to look into if Malcolm Tan Chun Chuen will be dealing with any criminal charges.From the publicly available court files, we can now piece together the story that on 28 August 2017, Kuek signed 2 letters of engagement with Keystone's letterhead then issued a 0,000 cheque to BlueSky Group (owned by Malcolm Tan Chun Chuen). The letters say that Kuek will be depositing his investment with Keystone Group and Malcolm Tan will personally take care of the investments. Out of the investment sum, 0k was for secured return of 12% per annum, while 0k was for a full-sum non-secured investment. In November 2017, Mr Kuek's dispatched somebody to Keystone to obtain an update on the invested amount of money, however, Malcolm Tan declined that it had ever gotten any funds from him or performed any legal services for Mr Kuek. Finding out that he has been deceived, Mr Kuek lodged a Law Society report in December 2017. The Law Society carried out a swift investigation and then put 7 charges against Malcolm Tan Chun Chuen. Malcolm was charged for generating false representations to Mr Kuek and also producing a clash of interest in his place as a lawyer. Malcolm outright denied all the accusations, citing that Mr Kuek is aware of his participation in Bluesky. Secondly, that there was no conflict because he was not carrying out some form of legal services to Mr Kuek. In June 2019, Malcolm Tan Chun Chuen tried out to get the case closed down by compensating 5k to Mr Kuek. The plan failed, as the Law Society still found Malcolm Tan guilty on 3 charges.Malcolm Tan Chun Chuen scammed a different victim of crypto as recent as in December 2020. During the incident, Malcolm Tan defrauded the scam victim into delivering him 12.14BTC worth 694k+ in USD. Immediately after receiving the 12.14 BTC to the bitcoin wallet address of Malcolm, 1CujfQcB8AxborFyqLnDZec6xVpD9dTqTi, he declined to transmit the money to the victim. The deal arrangement occurred via whatsapp. Malcolm Tan Chun Chuen Scam To date, Malcolm just returned 0.157557 BTC to the victim. The victim is now taking legal activities and suing Malcolm Tan for his criminal breach of agreement.There are numerous mad investors who went to Twitter to reveal Malcolm Tan Chun Chuen's $KINGSWAP as a huge scam. Though KingSwap repeatedly say to be the "First Regulated DeFi Project by the Monetary Authority of Singapore", having said that, additional evidence implies that KingSwap has only sent in the application for MAS for licensing and their application is still unconfirmed. This implies they are not regulated as of this moment, and KingSwap is only doing false marketing and advertising. Investors who joined up with the KingSwap telegram group were shocked to find out that one of the associates of the group, Malcolm Tan Chun Chuen was disbarred in 2020. Each time anyone brought up the matter, the group admins will quickly shield him by telling participants to cease judging him on his earlier problems, saying he is a big time investor & entrepreneur. The KingSwap telegram admins tried very hard to shill the endeavor by declaring it would arrive at to 0 with 1B total supply although the latest price is --content--.01. The KingSwap project hasn't even been posted on coingecko or other exchanges, 2 months since its launch, which is a huge warning sign. The KingSwap team stated that coingecko desired 2 btc to list KingSwap, which is a complete lie. They also claim that they have raised a total of m from investors to place into liquidity pools. Having said that, a look at on the liquidity pool merely exhibits about 0k. The trading amount is also ridiculously small that coinmarketcap quit showing any info about KingSwap's market cap and volume. Forewarning, if you buy $KING on kingswap.io , you are not allowed sell your tokens as they are locked for an unidentified timeframe. If you try to buy it on Uniswap as an alternative, you'll have a great loss if you want to sell because there is too little liquidity on the market.