Australian Crypto CEO Proposes Reviving Malaysia’s Ghost City as AI and Blockchain Hub

Malaysian authorities recently shut down a tech entrepreneur commune operating in the failed real estate project known as Forest City, a $100 billion development intended to house 700,000 residents but now a ghost town. The commune, called Network School, was founded in October 2024 by Balaji Srinivasan, former CTO of Coinbase, offering entrepreneurs shared living and working spaces for $1,500 per month. However, investigations began in July after suspicions arose that Israeli citizens had entered the commune using foreign passports, as Malaysia has no diplomatic ties with Israel. Although no immigration violations were found, the commune was operating without proper business licenses, leading to license revocation and closure orders.

In response, 32-year-old Jeff Yeo, CEO of Australian crypto firm Monochrome, has proposed transforming Forest City into a regional center for artificial intelligence and blockchain technology. Yeo sees potential in the existing infrastructure and proximity to Singapore to attract digital companies from Asia, leveraging Malaysia’s generous tax incentives, including a reduced 5% corporate tax rate for tech, fintech, and AI firms operating there. Monochrome manages Bitcoin and Ethereum exchange-traded funds worth tens of millions of Australian dollars and aims to expand its presence in Asia through this initiative.

Following the closure, Srinivasan denied the shutdown reports initially but later confirmed a deal to relocate the project to Astana, Kazakhstan. Meanwhile, Forest City remains largely deserted, with Malaysia attempting to revive it by designating it a special financial zone offering substantial tax benefits to attract new investment and innovation.

This development highlights ongoing efforts to repurpose underperforming mega-projects in Southeast Asia by tapping into emerging technology sectors and regional crypto communities, despite geopolitical and regulatory challenges.