Singaporean Police: $78,000 Lost in Crypto Scams in the Last Three Months

Dec 06, 2018 at 20:10

As much as $78,000 have been lost to scams in Singapore involving web articles that use false information to promote Bitcoin investments between September and November this year, authorities in Singapore revealed.

In a report by the Straits Times, the scams utilize paid advertisements that feature famous personalities in Singapore to make them appear that they endorse Bitcoin investments as they’ve earned from them.

People who click on links in the article are then taken to a different website which then offers various crypto products and investments.

The authorities added that after providing their contact details, victims will then receive a call from scammers to further make the ruse believable.

The Singaporean police further explained that these schemes are not regulated by the Monetary Authority of Singapore (MAS) as they operate from foreign countries.

They encouraged victims of such schemes to contact the police hotline on 1800-255-0000 or via www.police.gov.sg/iwitness

Last month, the MAS proposed a bill that will stretch the list of cryptocurrencies under its wing.

MAS board member and education minister Ong Ye Kung has submitted a bill to better safeguard consumer funds, counter terrorism financing, and bolster cybersecurity.