The monetary authority of Singapore (MAS) has been alerted to an online bitcoin (BTC) scam that offers bitcoin investments using a forged statement by a former prime minister.
On July 31, Singapore’s central bank and financial regulator issued an official warning that they had learned of a website inviting online users to invest in bitcoin through an article containing false claims. The scam website quoted a false statement by Goh Chok Tong. Goh chok tong, a local politician, was Singapore’s second prime minister from 1990 to 2004. The regulator noted that the sites falsely claimed that Singapore was adopting cryptocurrency as its official currency. They also claimed that a company designated to sell the cryptocurrency was “either false or taken out of context and used in a misleading manner.”
Authorities also showed a screenshot of the false statements. The site requires readers to deposit at least $250 into the bitcoin bug. Many people are likely to believe the scam by using the former prime minister’s name. The platform claims to perform automated transactions on behalf of users. The platform also requires details of credit card or bank accounts. The regulator advises the public to exercise extreme caution and avoid giving any information to website owners
In last September, CCN reported on one such site that its misuse was attributed to comments by TharmanShanmugaratnam, chairman and deputy prime minister of the Singapore monetary authority, which lured investors into a risky bitcoin investment scheme. This website collects users’ personal information, including contact information and bank or credit card details
It is worth mentioning that Singapore is currently one of the most friendly cryptocurrency and blockchain technology jurisdictions in Asia, and has also adopted a number of measures aimed at adopting government level blockchain, cryptocurrency payment regulation and ICO regulation. Nevertheless, MAS does not currently have a comprehensive cryptocurrency regulatory framework, nor does it provide guarantees for cryptocurrency investments.
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