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Forest City’s revival plans reel in crypto bros

Nicole Lim & Khairani Afifi Noordin
Nicole Lim & Khairani Afifi Noordin • 18 min read
Forest City’s revival plans reel in crypto bros
An abandoned boat left along the coast of the reclaimed island of Forest City, some 2km away from Singapore, which cost over US$100 billion ($128.8 billion) to build. Photo: Khairani Afifi Noordin/The Edge Singapore
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The initiative aims to turn the Johor town into a financial hub through tax incentives and infrastructure upgrades

The Chinese-built “ghost town” of Forest City, about 40km from Singapore, has attracted an unexpected group of tenants: crypto enthusiasts. Between 150 and 200 individuals, mainly from the US, have journeyed halfway across the world to live on the man-made private island for three months, staying until the end of December.

They are all attending The Network School, an “internet university” for those interested in the concept of a “network state”, created by American crypto advocate Balaji Srinivasan. His idea, first introduced in 2022, envisions a “decentralised country” for individuals discontented with their societies, defined by shared ideals and goals rather than geographical boundaries.

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