Crypto Exec Aims to Revive Malaysia's Forest City Campus After Shutdown

A crypto executive wants to take over the former Network School campus at Forest City, the $100 billion Malaysian ghost town, weeks after authorities shut it down.

Jeff Yew, head of Monochrome Asset Management, told Business Insider that he sees the site as a chance to concentrate a crypto-entrepreneurial scene that remains "fragmented" across the region.

"Silicon Valley's for tech – why don't we make Forest City a hub for AI and blockchain?" Yew, 32, said.

Forest City, built by China's Country Garden, was designed for 700,000 people. It sits mostly empty on a 1,740-hectare reclaimed site in Johor, near Singapore. The government designated it a special financial zone in 2023 and later offered tax incentives – corporate rates as low as 5% – for finance, AI, cybersecurity, and fintech companies.

Yew said crypto companies and entrepreneurs are scattered across Malaysia and Singapore with no physical hub. Forest City has the infrastructure, proximity to Singapore, and tax breaks to fill that gap, he said. He envisions a campus where people could work and eventually settle with their families.

"All it needs is a push in a direction to the right community," Yew said.

The proposal is early stage. Yew said it would not be a personal venture and tied it to Monochrome's broader ambitions in Asia. The Australia-based firm manages Bitcoin and Ethereum exchange-traded funds with about $127 million and $4.5 million in Australian dollars in assets, respectively, as of August 18. Yew has not released further details.

He said he plans to prioritize local digital companies and workers, potentially offering incentives to relocate to Forest City, though the details are still being worked out.

"I would not have invested the time to look into this if I didn't think Johor is the best place for this," he added.

The site was home to Network School, a commune for tech entrepreneurs founded in October 2024 by former Coinbase chief technology officer Balaji Srinivasan. Membership started at $1,500 a month with roommates and included accommodation, meals, and gym access.

Malaysia's Johor government launched a probe on July 14 into whether Israeli nationals had participated using second passports. Malaysia has no diplomatic relations with Israel. The immigration department said preliminary checks of 266 foreigners from 40 countries found no violations, per The New Straits Times.

Srinivasan pushed back in a July 16 post on X, saying Network School "cooperated fully" and "all travel documents were in order."

Subsequent inspections by the local city council found issues. One premise was licensed as an office but used for classes; another operated without a valid business license. Signage did not comply with advertising license conditions, according to Media Digital Johor.

In a July 18 post, Srinivasan called reports of a shutdown "fake news." He said one notice required a text change on a sign, while its coworking site had a valid license on the left side but not the right. "We have a remedial period for both issues, and will remediate them shortly," he wrote.

Three days later, local authorities revoked the school operator's business license and ordered Network School to cease operations the following day.

On July 22, Srinivasan announced on X that the school had signed a memorandum of understanding with the government of Kazakhstan to establish a new campus. A July 27 press release from Kazakhstan detailed discussions around a proposed "Network City" in Burabay. On Tuesday, Srinivasan posted that Network School is "up and running" in Astana, Kazakhstan.

Yew's proposal is the first attempt to repurpose the campus for crypto since the shutdown. The site's future remains uncertain, but Yew said he is moving ahead with early discussions.