Singapore investors lose $78,000 in three months to scams

December 07, 2018
Chris Wheal

Between September and November this year, investors in Singapore lost an astounding $78,000 to bitcoin scams.

crypto scam

According to The Straits Times, through the use of online advertisements, scammers are able to target low-level investors by falsely advertising bitcoin as safe, secure, and profitable. After clicking on the ads, victims provide their contact information and are then contacted by a  “representative” who collects credit card and banking details.

The scams, operated outside of Singapore, depict well-known public figures endorsing bitcoin. Although there’ve been instances of celebrity endorsements in the U.S., Singapore police believe the images of these celebrities are used without permission. Since the schemes are conducted outside of Singapore they aren’t regulated by the Monetary Authority of Singapore (MAS) and make pursuing legal action much more difficult as the scammers don’t fall under the Singapore law.

In August, Singapore overtook the U.S. in the amount of initial coin offerings (ICO) they host and is considered to be one of the most progressive countries in Asia when it comes to blockchain and digital currencies. It’ll be interesting to see how Singapore officials address these new scams and what measures will be taken to prevent them.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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