A tech campus in Malaysia’s $100 billion ghost city got shut down. One crypto executive is on a mission to revive it.
Network School, a tech commune founded by former Coinbase CTO Balaji Srinivasan, was shut down by authorities in July.Its former campus sits in Forest City, Malaysia's $100 billion "ghost town" development.Now, a local crypto executive wants to turn it into a hub for AI and blockchain.Just weeks after Malaysian authorities shut down a live-in commune for tech entrepreneurs in its $100 billion "ghost town," a local crypto executive wants to take over the site.Jeff Yew, head of Monochrome Asset Management, told Business Insider that he sees the former Network School campus at Forest City, Johor, as an opportunity to concentrate a crypto-entrepreneurial scene that he says 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.Yew said crypto companies and entrepreneurs remain scattered across Malaysia and Singapore, without a clear physical hub where they can cluster.Forest City could fill that gap, he said, pointing to its existing infrastructure, proximity to Singapore, and tax incentives. He envisions a campus where people could work, learn from one another, and eventually settle down with their families."All it needs is a push in a direction to the right community," Yew, who was born in Penang, Malaysia, said.The proposal is still in its early stages, but Yew said it would not be a personal venture and tied the project to Monochrome's broader ambitions in Asia.The Australia-based firm specializes in crypto-asset investments.
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Network School, a tech commune founded by former Coinbase CTO Balaji Srinivasan, was shut down by authorities in July.Its former campus sits in Forest City, Malaysia's $100 billion "ghost town" development.Now, a local crypto executive wants to turn it into a hub for AI and blockchain.Just weeks after Malaysian authorities shut down a live-in commune for tech entrepreneurs in its $100 billion "ghost town," a local crypto executive wants to take over the site.Jeff Yew, head of Monochrome Asset Management, told Business Insider that he sees the former Network School campus at Forest City, Johor, as an opportunity to concentrate a crypto-entrepreneurial scene that he says 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.Yew said crypto companies and entrepreneurs remain scattered across Malaysia and Singapore, without a clear physical hub where they can cluster.Forest City could fill that gap, he said, pointing to its existing infrastructure, proximity to Singapore, and tax incentives. He envisions a campus where people could work, learn from one another, and eventually settle down with their families."All it needs is a push in a direction to the right community," Yew, who was born in Penang, Malaysia, said.The proposal is still in its early stages, but Yew said it would not be a personal venture and tied the project to Monochrome's broader ambitions in Asia.The Australia-based firm specializes in crypto-asset investments. It manages Bitcoin and Ethereum exchange-traded funds, which had about $127 million and $4.5 million in Australian dollars in assets, respectively, as of August 18. Yew has not released further information about the proposal at press time.Yew said he plans to prioritize local digital companies and workers, potentially offering incentives to encourage them 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.Network School's final days in Forest CityFor nearly two years, the campus was home to Network School, a commune for tech entrepreneurs and digital nomads 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, a model Network School called "society-as-a-service."That all began to unravel in July.
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- Network School, a tech commune founded by former Coinbase CTO Balaji Srinivasan, was shut down by authorities in July.Its former campus sits in Forest City, Malaysia's $100 billion "ghost town" development.Now, a local crypto executive wants to turn it into a hub for AI and blockchain.Just weeks after Malaysian authorities shut down a live-in commune for tech entrepreneurs in its $100 billion "ghost town," a local crypto executive wants to take over the site.Jeff Yew, head of Monochrome Asset Management, told Business Insider that he sees the former Network School campus at Forest City, Johor, as an opportunity to concentrate a crypto-entrepreneurial scene that he says 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.Yew said crypto companies and entrepreneurs remain scattered across Malaysia and Singapore, without a clear physical hub where they can cluster.Forest City could fill that gap, he said, pointing to its existing infrastructure, proximity to Singapore, and tax incentives. He envisions a campus where people could work, learn from one another, and eventually settle down with their families."All it needs is a push in a direction to the right community," Yew, who was born in Penang, Malaysia, said.The proposal is still in its early stages, but Yew said it would not be a personal venture and tied the project to Monochrome's broader ambitions in Asia.The Australia-based firm specializes in crypto-asset investments.
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A tech campus in Malaysia’s $100 billion ghost city got shut down. One crypto executive is on a mission to revive it.
Sources1TypeCoverageBusiness Insider