"As a guitarist, songwriter and visionary he was a perfectionist and a unique man", the band's statement reads.
Angus and Malcolm Young (right), founder members of AC/DC, flank Jose Luis Perez, mayor of the Madrid district of Leganes, following the inauguration of a new street with the group's name, in Leganes, Spain March 22, 2000.
Malcolm Young was born in Glasgow on 6 January 1953, emigrating with his family to Australia ten years later.
Malcolm is survived by his loving wife O'Linda, children Cara and Ross, son-in-law Josh, three grandchildren, sister and brother.
The post also stated that Malcom was "the driving force behind the band".
Britain's Hegarty dies in Macau crash
While the race was immediately red-flagged, nothing could be done to save Hegarty who died on the way to hospital. The last death at the Macau Grand Prix was in 2012 when Portugal's Luis Carreira was killed during qualifying.
"The family have asked instead of flowers to send donations to The Salvation Army". He took great pride in all that he endeavored.
Best known for their hit song Highway to Hell, AC/DC formed in 1973 and went on to produce 17 studio albums, selling more than 200 million records. His family is requesting privacy during this time. It cites a prior interview with Angus that touched on Malcolm's condition: "Malcolm was always very organised [so] it was kind of odd". His loyalty to the fans was unsurpassed.
The band concludes the message with a simple tribute to Malcolm stating that the guitarist "leaves behind an enormous legacy that will live on forever".