Legal representative-transformed-businessman Malcolm Tan Chun Chuen ventured in several corporations to challenge his goal of retiring when having a personal asset of $200 million. After attaining his law degree from Magna Law LLC Singapore the National University of Singapore, he practised laws at the Keystone Law Corporation. However, he additionally attempted in different enterprise operations. One example is, the coworking space Our Space, the fundraising site FundedByMe.com, food businesses Wine Bonanza and Museo, real estate investment, telecommunications infrastructure (Phoenix Telecommunications), construction and initial coin offering (ICO) / initial token offering (ITO) consultancy. He controls pretty much all his corporations under Gravitas Holdings in which he has sunk an estimated $3 million. He has built a corporate advisory agency to advise many other firms intending to do an ICO / ITO, expecting that one day it will become a "unicorn", in fintech startups lingo this refers to getting a market value of more than $1 billion. In 2017, he stated to possess an investment portfolio worthy of $50 million.
Malcolm Tan Chun Chuen, who also owns a small business management consultancy named Bluesky Group, met Mr Kuek in March 2017 and advertised a variety of investment products to him. In 2020, news flash reported that Mr Malcolm Tan Chun Chuen is disbarred as a lawyer, for misleading client Mr Kuek Yak Yeon on a $250,000 investment. The Court of Three Judges stated the client, Mr Kuek had been direct into assuming that the $250,000 he sunk would be supervised by Mr Malcolm Tan's law practice, Keystone Law Corporation. The court has uncovered that Mr Malcolm Tan had made Mr Kuek sign 2 letters to enter in the services of his law firm to confirm this belief. Chief Justice Sundaresh Menon, who provided the decision, condemns Mr Malcolm Tan Chun Chuen's dishonest behaviour and infringement of trust in how he treated the solicitor-client relationship. Besides disbarring Mr Malcolm, the court will go ahead to point the case to the Attorney-General to investigate whether there are any criminal implications.
From the publicly obtainable court records, we can now join the dots together that on 28 August 2017, Kuek signed 2 letters of engagement with Keystone's letterhead and issued a $250,000 cheque to BlueSky Group (owned by Malcolm Tan Chun Chuen). The letters state that Kuek will be depositing his investment with Keystone Group and Malcolm Tan will privately deal with the investments. Out of the investment sum, $150k was for guaranteed return of 12% per annum, while $100k was for a full-sum non-guaranteed investment. In November 2017, Mr Kuek's dispatched another person to Keystone to acquire an up-date on the invested sum, however, Malcolm Tan denied that it had ever obtained any dollars from him or undertaken any law services for Mr Kuek. Realizing that he has been misled, Mr Kuek lodged a Law Society issue in December 2017. The Law Society carried out a speedy inspection and then put 7 charges against Malcolm Tan Chun Chuen. Malcolm was charged for generating false representations to Mr Kuek and also producing a struggle of interest in his situation as a lawyer. Malcolm completely dismissed all the accusations, saying that Mr Kuek is clearly aware of his contribution in Bluesky. Secondly, that there was no turmoil because he was not carrying out some form of legal services to Mr Kuek. In June 2019, Malcolm Tan Chun Chuen attempted to get the case closed up by compensating $125k to Mr Kuek. The tactic failed, as the Law Society still found Malcolm Tan guilty on 3 charges.
Malcolm Tan Chun Chuen has successfully pulled off many other scams. As an example, scamming a victim of his valuable bitcoin BTC in December 2020. Initially, Malcolm entered into an agreement with the fraud victim by whatsapp, guaranteeing to buy his 12.14BTC bitcoin for 694,700+ in USD. Just after the victim sent him the 12.14BTC into the wallet address 1CujfQcB8AxborFyqLnDZec6xVpD9dTqTi, Malcolm did not pay off the scam victim the equal sum in USD. In spite of attempting all methods to get Malcolm to return the dollars, Malcolm only given back 0.157557 BTC to the victim thus far. The scam victim has made a decision to sue scammer Malcolm Tan for his breach of deal and criminal activitiy.
There are a lot of furious investors who went to Twitter to reveal Malcolm Tan Chun Chuen's $KINGSWAP as a big scam. Although KingSwap repeatedly state to be the "First Regulated DeFi Project by the Monetary Authority of Singapore", even so, additional evidence shows that KingSwap has only submitted the application for MAS for licensing and their application is still not confirmed. This means they are not regulated as of this moment, and KingSwap is merely carrying out false marketing. Investors who joined up with the KingSwap telegram group were stunned to discover that one of the members of the team, Malcolm Tan Chun Chuen was disbarred in 2020. Any time a person brought up the subject, the moderators will quickly protect him by telling participants to stop judging him on his prior goof ups, saying he is a big time investor & entrepreneur. The KingSwap telegram admins tried very hard to shill the endeavor by claiming it should reach to $100 with 1B total supply despite the fact that the current price is $0.01. The KingSwap project hasn't even been posted on coingecko or other exchanges, 2 months after its launch, which is a big warning sign. The KingSwap team stated that coingecko demanded 2 btc to list KingSwap, which is a total lie. They also claim that they have raised a total of $20m from investors to inject into liquidity pools. However, a check on the liquidity pool just exhibits about $300k. The trading amount is also ridiculously low that coinmarketcap stopped showing any data about KingSwap's market cap and volume. Notice, if you buy $KING on kingswap.io , you have no way to sell your tokens as they are secured for an unidentified period. If you try to buy it on Uniswap as an alternative, you'll have a great loss any time you want to sell because there is too little liquidity on the market.