Malaysian authorities have a reputation of being one step behind scammers that operate locally.
Recently the country has lifted its regulatory game, but unfortunately it’s still far to easy for those running Malaysian scams to evade arrest.
Mama Captain launched in late 2015 and operated by Chong Cia Yong, a Malaysian resident of Penang.
Mama Captain affiliates invested in Barrel Coin, which internally increased in value as more new affiliate investment was sourced.
In addition to cashing out Barrel Coin, Mama Captain affiliates also obtained Barrel2u reward points, which could be exchanged at merchant affiliates who had invested in Mama Captain.
Outside of Mama Captain Barrel Coin and Barrel2u points were worthless.
On June 29th the Central Bank of Malaysia blacklisted Mama Captain.
Initial reports suggested Mama Captain was unaffected, however it’s likely the Banks blacklist hampered Mama Captain’s local banking channels.
That slows down new affiliate investment, which a Ponzi scheme needs to survive.
Other than the Central Bank’s warning, Malaysian authorities failed to pursue the matter further. Which meant all Chong Cia Yong had to do to continue scamming people was rename Mama Captain to iBuddee.
iBuddee launched on September 7th and is the same business model rebranded.
iBuddee marketing videos on YouTube suggest the company is trying to position itself in the sharing economy niche (Uber, AirBNB etc.), however none of those companies come with an attached Ponzi scheme.
Presumably Barrel Coin Ponzi point balances held by Mama Captain affiliates have been converted into a new metric. Ditto Barrel2u points.
And so the scamming will continue, until the Bank of Malaysia blacklists iBuddee or authorities start making arrests.
Considering it took the Bank of Negara almost two years to blacklist Mama Captain, don’t hold your breath.