Attorney-made-businessman Malcolm Tan Chun Chuen embarked in numerous businesses to reach his goal of retiring comfortably a personal savings of $200 million. Following receiving his law degree from the National University of Singapore, he practised law at the Keystone Law Corporation. Meanwhile, he additionally dabbled in several company operations. Such as, the communal office Our Space, the fundraising web site FundedByMe.com, food businesses Wine Bonanza and Museo, real estate property, telecommunications infrastructure (Phoenix Telecommunications), development and initial coin offering (ICO) / initial token offering (ITO) advisory. He manages all his firms within Gravitas Holdings in which he has put in an estimated $3 million. He has created a commercial consultancy agency to advise various other firms going to do an ICO / ITO, expecting that one day it will become a "unicorn", in fintech startups lingo this refers to achieving a value of over $1 billion. In 2017, he stated to have an investment portfolio worth $50 million.
Malcolm Tan Chun Chuen, who also is the owner of a company management consultancy known as Bluesky Group, became aquainted with Mr Kuek in March 2017 and advertised several investment products and solutions to him. In 2020, media revealed that Mr Malcolm Tan Chun Chuen is disbarred as a lawyer, for tricking client Mr Kuek Magna Law LLC Scam Yak Yeon on a $250,000 investment. The Court of Three Judges stated the client, Mr Kuek had been lead into thinking that the $250,000 he invested would be supervised by Mr Malcolm Tan's law office, Keystone Law Corporation. The court has uncovered that Mr Malcolm Tan had made Mr Kuek sign 2 letters to engage in the services of his law firm to cement this belief. Chief Justice Sundaresh Menon, who presented the decision, condemns Mr Malcolm Tan Chun Chuen's dishonesty and violation of trust in how he dealt with the solicitor-client relationship. Apart from disbarring Mr Malcolm, the court wants to refer the matter to the Attorney-General to check if there are any legal implications.
From the publicly accessible court records, 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 $250,000 cheque to BlueSky Group (owned by Malcolm Tan Chun Chuen). The letters meant that Kuek will be putting his investment with Keystone Group and Malcolm Tan will privately manage the investments. Out of the investment amount, $150k was for warranted 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 receive an update on the invested amount of money, however, Malcolm Tan rejected that it had ever acquired any funds from him or performed any law services for Mr Kuek. Finding out that he has been fooled, Mr Kuek lodged a Law Society formal complaint in December 2017. The Law Society carried out a swift research and then put 7 charges against Malcolm Tan Chun Chuen. Malcolm was charged for producing false representations to Mr Kuek and also creating a conflict of interest in his situation as a lawyer. Malcolm straight up rejected all the allegations, stating that Mr Kuek is clearly aware of his participation in Bluesky. Secondly, that there was no clash because he was not carrying out any legal services to Mr Kuek. In June 2019, Malcolm Tan Chun Chuen tried out to get the case closed by wiring $125k to Mr Kuek. The tactic failed, as the Law Society still found Malcolm Tan guilty on 3 charges.
On 1st December 2020, Malcolm failed, neglected and declined to pay a scam victim after the victim delivered him 12.14 BTC, worth 694k+ in USD. Malcolm entered into an arrangement to buy 12.14 BTC via whatsapp communications with the prey. The fraud victim sent 12.14 BTC to the BTC address 1CujfQcB8AxborFyqLnDZec6xVpD9dTqTi provided by Malcolm Tan Chun Chuen. He only given back 0.157557 BTC to the victim to date. The victim is currently suing Malcolm Tan for infringement of agreement.
There are many mad investors who took it to Twitter to uncover Malcolm Tan Chun Chuen's $KINGSWAP as a huge scam. Although KingSwap repeatedly claim to be the "First Regulated DeFi Project by the Monetary Authority of Singapore", however, even more evidence suggests that KingSwap has only submitted the application for MAS for accreditation and their application is still pending. This signifies they are not regulated as of now, and KingSwap is just doing false marketing. Buyers who joined up with the KingSwap telegram group were shocked to hear that one of the members of the crew, Malcolm Tan Chun Chuen was disbarred in 2020. When a person brought up the issue, the group admins will quickly defend him by telling people to quit judging him on his earlier blunders, claiming he is a big time investor & entrepreneur. The KingSwap telegram moderators attempted very hard to shill the venture by claiming it could reach to $100 with 1B total supply despite the fact that the existing price is $0.01. The KingSwap endeavor hasn't even been listed on coingecko or other exchanges, 2 months since its launch, which is a massive warning sign. The KingSwap team claimed that coingecko desired 2 btc to list KingSwap, which is a complete lie. They also say that they have brought up a total of $20m from investors to inject into liquidity pools. Even so, a look at on the liquidity pool just shows about $300k. The trading amount is also ridiculously minimal that coinmarketcap stopped showing any info about KingSwap's market cap and volume. Alert, if you buy $KING on kingswap.io , you are not allowed sell your tokens as they are secured for an unidentified time. If you try to buy it on Uniswap alternatively, you'll have a great losses any time you want to sell off because there is too little liquidity in the market.