As Singapore is becoming the major hub for crypto, it’s gaining increasing attention from across the worldwide people. But the case isn’t as cool as it appears, scammers are using the names of authorities to solicit Bitcoin investment from the general public.
MAS Warning on Fraud website Soliciting Bitcoin Investment
The latest press by Singaporean financial watchdog, the MAS (Monetary Authority of Singapore) claims that a website “Bitcoin Loophole” uses fake comments supposedly made by Goh Chok Tong, former Singapore’s Prime Minister. By adding such comments, the site is soliciting bitcoin investment. More specifically, it asks the community to make a deposit of USD 250, which would then be traded on its platform.
As soon as MAS was informed about this act, MAS issues warning letter, asking the public to avoid such comments and fake websites. The quote provided on its site is either simply fake or used from earlier reports to convince investors. MAS said in a report;
“The site asks readers to make a minimum initial deposit of $250 into a purported trading platform, Bitcoin Loophole, which would automatically initiate trades on one’s behalf,”
Besides asking for the deposit from investors, scammers also attempted to receive sensitive information of users – including credit card details and bank information. This appears to have a fake scheme to persuade investors, which MAS warned public ‘to be extremely careful’ while dealing with schemes that promise higher ROI or represent the name of authorities.
This isn’t the first time, MAS cautioning public, earlier it had issued several warnings on similar topics and asked to practice due diligence before putting their money into such schemes.
“In the past year, there have been websites fraudulently using the names and photographs of Ministers and other prominent public personalities to solicit Bitcoin investments,” the MAS concluded.
Bitcoin’s rising growth and awareness has become an essential topic of attention in terms of investment, profit, and involvement in global innovation. As Singapore is becoming the hub for crypto and blockchain companies, bad players are at their best to leverage the benefits from the rising crypto prices and increasing interest from the public. The release further explains that;
Members of the public are advised to exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website. Anyone who suspects that an investment could be fraudulent or misused for other unlawful activities should report such cases to the Police.
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