Singapore authorities warn of a new crypto scam

Singapore authorities warn of a new crypto scam

The Monetary Authority of Singapore (MAS) together with the country’s Central bank warned of scammers falsely attributing statements, advertising bitcoin investment opportunities, to a former prime minister.

The false statements, which are part of a falsified article, are designed to lure investors to part with their money on a website promising lucrative returns.

The article, published on the scam website, presumably quoted the former prime minister of Singapore Goh Chok Tong, who was head of the country for 14 years between 1990 and 2004.

The statements, which urged investors to deposit at least 250 USD in a scam platform called Bitcoin Loophole were “either false, or were taken out of context and used in a misleading way,” MAS points out.

Bitcoin Loophole, claims to execute automated trades on users’ behalf, promising fabulous returns in just 7 days.

Scammers also required credit card and bank account details, MAS warns as well.

A week ago the Financial Conduct Authority (FCA) in the UK warned of scam e-mails, send on the behalf of the institution, which promised investors “guaranteed chance to earn” on crypto asset investments.

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