Malcolm Tan is still running funding rounds despite being disbarred.

Despite being disbarred just last week by the Law Society of Singapore for being dishonest with clients, Malcolm Tan, Singapore lawyer is still, this week raising capital through an ICO of his Aexon Community Token. Unfortunately, the marketing material being used on the website is also misleading at best, and outright lies at its worst. You can find more information about it on their website right here: marketing information.

This image was just taken from the Aexon.Co website, detailing the history of the project. You may recall that this project was mentioned previously, in our post back in 2018, which you can read here:

While some changes have been made, outright lies are still front and center in this promotional material. A quick check with ACRA will inform you that ActivBM was certainly NOT incorporated in 2016, nor has it been incorporated at any time SINCE then in Singapore.

Similarly, the valuation of $5 million in June of the same year can be proven as a figment of the imagination. Indeed, is it not reasonable to ask a question as to how a newly incorporated company with zero sales can be valued at such a figure only ONE MONTH after its incorporation. Even if it wasn’t incorporated. Which it wasn’t. Do you see the problem here?

Confirmation that Malcolm Tan has been disbarred!

Finally, the truth about Malcolm Tan, Singapore lawyer has come out.

On Monday, July 6th he was found GUILTY on 5 out of 7 charges, with the Judge stating that Malcolm Tan gave misleading information, and made false statements (as stated in the Straits Times, 10th July 2020). Are they not just two adjectives which are synonyms of lying and cheating?

The full article can be read on the Straits Times website here:

All that we can say is that justice has at least started to be done. As the situation continues to develop, and the case is referred to the Attorney General’s office for criminal investigation, we shall post further updates.

Malcolm Tan, Singapore Lawyer

Malcolm Tan, ICO advisor, files a lawsuit to cover his tracks

You may well have read the earlier posts on this website from various locations that document, in detail how Malcolm Tan operates, in that he benefits from his status as a lawyer and utilised that status to file frivolous suits against those which question him and his methods. One of those organizations is SMRT The Vigilanteh, who spend their time exposing crime and corruption over in Singapore. While the wording, and content of their exposes may well be humerous, the actions that they cover and publicise sure are not. We have already featured on this website their work, on prior posts, here:

What you will notice when you read that post is that the content written by The Vigilanteh on Facebook is no longer there, and has been removed. This is because Malcolm Tan, Singapore lawyer has filed a claim against them in court in Singapore, what is known as a ‘non-publication order’. Basically, he doesn’t want this stuff publicizing.

In a response on their Facebook page, SMRT The Vigilanteh posted their very humerous response to the court filing.

Malcolm Tan Cryptocurrency Influencer

It’s worth noting that in the court filing, The Vigilanteh stands accused by Malcolm Tan of being involved with this website, which we can confirm they are not. We only wish that they were!


Is Malcolm Tan still licensed to practice law?

During our normal tracking of Malcolm Tan’s movements, involvements etc we came across the fact that he is no longer listed as a licensed lawyer by the Ministry of Law’s website. Our results when searching for him are as below.

Maclolm Tan Chun Chuen

It is very clear that he is no longer listed. While we are aware of an ongoing investigation into Malcolm Tan’s practices by the Law Society of Singapore, they were, understandably unwilling to share details of that investigation with us when asked.

Similarly when looking on the website of the law company in which Malcolm Tan claims to be ‘Council’ (whatever that might mean), there is no mention of him whatsoever.

Malcolm Tan, Keystone Law

If you really look into Keystone Law, you would notice that for some reason, they went from a very nice and professional website containing lots of information, to this current, very amateur version recently. You can check yourself, by looking up Keystone Law Corporation’s website on the Wayback Machine.

This just raises more and more questions as to the credibility of both Malcolm Tan, ICO Advisor and self-styled ‘Crypto Influencer’, along with this law corporation which he claims to have an interest one.

One thing that is very obvious however is that Sean Say of Keystone Law Corporation is indeed the legal representative of Malcolm Tan. We would of course welcome comments from either Malcolm, or his representative in our comments section. Rest assured that no comments are made public without the manual approval of a staff member.

Police Report filed against Malcolm Tan, Singapore Lawyer

A Police report has been filed in Singapore by a person who thought that they were Malcolm Tan’s business partner, until he found that the business in which he invested was earning revenue through potentially fraudulent use of the PIC scheme.

A copy of the report is below.

The full content of the filed police report is as follows:

“I met Malcolm through a Singapore Business Federation’s seminar. We spoke about business and we became business acquaintance. One day in Dec 2015, Malcolm texted me via WhatsApp to invest in his new business venture, Zaffiro holdings. He has misled me into believing more investors already injected into the venture. I was also given the impression that the capital injection is based on full cash injection. I agreed and told him that I was interested to put in 50K as a 5% equity.I paid him using cheque and handed over the cheque personally on the 31/1/2016.

After which, in February, I texted him to check with him who else is putting the 95% for the capital and he did reply but changed the calculation on the capitalisation. He added in some absurd valuation of unproven businesses and also added in PIC rebate income as part of the calculation. I also sat in a couple of Zaffiro holding’s meetings and was not comfortable with Malcolm’s strategy of earning through PIC rebates from customers. I did not feel it was right as he was trying to earn by cheating taxpayer’s money through PIC. As such I decided to withdraw from the investment.

One the 23/02/2016, I informed that I would like to pull out from the investment and asked him to return my $50K. He informed that he would do so however he kept prolonging the payment till date. There have a handful of people who have been cheated by him and I wish to inform that he may still continue to cheat others. I am lodging this report for investigation purposes. Thank you.

SMRT Feedback gets hold of the Malcolm Tan story

SMRT Feedback by The Vigilanteh is of course one of Singapore’s most prominent social media ‘netizens’ who question news and current affairs that is prominent in Singapore.

They got their teeth into the Straits Times article on Malcolm Tan that we previously referred to here on this website. In addition to their own highlighted points of how Malcolm’s story just doesn’t add up, over 66 people have commented on the post with very valid questions.

Read more by clicking here.

Law Society of Singapore Disciplinary Committee Findings

Malcolm Tan, Singapore lawyer-turned-entrepreneur was charged that he was guilty of a breach of a rule of conduct under the provisions of the Legal Profession Act (Cap 161) due to improper conduct or practice.

He was reprimanded and ordered to pay costs. Full disciplinary report is here. Malcolm Tan’s ICO

Well, Malcolm has been busy trying to launch his ICO (Initial Coin Offering) for Aexon, which he confirmed was his business in his interview with

It will be interesting to unveil how his ICO went, considering that he has ‘written a book’ on ICO’s.

Well, the first thing that we can see upon visiting the website at is that the website has changed address in the last month. You will now see that it redirects to We wonder why. But, lets look deeper. In the last iteration of the website, the claims were impressive, and the ICO was to launch in January 2018. Alas, for Malcolm and his team, their results were less than impressive.

According to, a tool that tracks all Ethereum transactions on the blockchain, Aexon managed to raise approximately 0.5ETH tokens (thats roughly $300 or less in Singapore Dollars). Not really very good for an author of a book on ICO’s.

It could be that Malcolm Tan has no experience in actually launching and delivering ICO’s. You do your online research and see!

One more thing that seems somewhat amiss in this ICO… The ‘blurb’ keeps referring to ‘ActivBM’, which is some product referred to by Malcolm Tan as having achieved $1 million in ARR (Annual Recurring Revenue to the layman). We must ask ourselves, how can any product, let alone an online product reach such a level without a website, nor any staff. Bluesky Group Pte Ltd. is referred to, yet they also do not have a website nor any proof of what they mention.

We will at this point carry out full research on both ActivBM and Bluesky Group Pte. Ltd. and publish our findings if possible.

An analysis of Malcolm Tan’s interview with the Straits Times

Malcolm Tan Chun Chuen was interviewed by Singapore’s Straits Times for a P.R. piece published on 17th December 2017, which you can find by clicking here.

The gist of the article is that Malcolm has a retirement goal figure of $200 million (yes, thats million!) and is well on his way with a current net worth of $50 million. So, we set out to try to ascertain whether that net worth might be realistic.

With a little digging through publicly available records, we can find out what companies he has interests in, and to drill down even more, we can find out the value of those companies, and thus his shareholding value.

As at the date of this post, Malcolm Tan has holdings in 20 different companies in Singapore, in the capacity of either shareholder or Director. It is important to note that he does not OWN the entirety of these 20 companies, nor do we claim that he does.

Of those 20 companies, Malcolm owns a total of approximately 2,902,000 shares, which, at the $1 par value per share would potentially give him a net worth approaching $3 million.

However, if we pull a Bizfile from ACRA relating to those companies associated with Malcolm, few, if any of them are actually profitable. Additionally, what is NOT a matter of public record is whether the registered capital of those companies has actually been paid up.

We cannot say no more without crossing a thin legal line, however, as mentioned many times, this is all a matter of public record, should you search in the correct places.


Valid questions raised by Singapore’s Hardware Zone members.

Still some more fallout from that article posted in the Straits Times on the 17th December 2017. In the Hardware Zone thread, which you can find here, members raise some very valid questions. Some of the more pertinent ones are:

  1. If he has a net worth of $50 million, why does he say that he stays in a rented condo in Yishun?
  2. Why does a guy worth $50 million own a 4 room HDB flat and live in the above mentioned rented condo in Yishun?
  3. Has this $50 million net worth been declared to IRAS?

The general gist of the readership on Hardware Zone is that it all simply doesn’t add up. And they may well be correct.