Key facts
- Crypto executive Jeff Yew plans to revive a former tech campus in Malaysia's Forest City.
- The campus was previously home to Network School, a commune for tech entrepreneurs that was shut down by authorities.
- Yew aims to create a regional hub for AI and blockchain, leveraging Forest City's infrastructure and tax incentives.
- Forest City, a massive development by Chinese developer Country Garden, has struggled to attract its intended population.
- Network School's closure was linked to operational and licensing issues, and an investigation into its participants.
Weeks after Malaysian authorities shut down a live-in commune for tech entrepreneurs in its $100 billion "ghost town," a local crypto executive has proposed taking over the site. Jeff Yew, head of Monochrome Asset Management, sees the former Network School campus in Forest City, Johor, as an opportunity to create a concentrated hub for AI and blockchain entrepreneurs.
Yew stated that crypto companies and entrepreneurs are currently scattered across Malaysia and Singapore, lacking a central physical location. He believes Forest City, with its existing infrastructure, proximity to Singapore, and tax incentives, could fill this void. Yew envisions a campus environment where individuals can work, collaborate, and potentially settle with their families.
Forest City, developed by Chinese property giant Country Garden, was designed to house up to 700,000 people but has fallen short of these ambitions. The Malaysian government has been attempting to transform it into a business and financial hub, designating it a special financial zone and offering tax incentives for companies in sectors like finance, AI, and fintech.
The Network School, founded by former Coinbase CTO Balaji Srinivasan, operated for nearly two years as a commune for tech entrepreneurs. Its closure in July was prompted by an investigation into its participants and subsequent discovery of operational and licensing violations by local authorities. Shortly after its shutdown in Malaysia, Srinivasan announced plans to establish a new Network School campus in Kazakhstan.