Home / Tech / Bitcoin Scams Swindle Singapore Investors for $78,000 in 3 Months

Bitcoin Scams Swindle Singapore Investors for $78,000 in 3 Months

Upbit Singapor

Between Spetember and November 2018, a Total sum of $78,000 was lost to Kryptocurrency Bamboozler in Singapor After They a SERIES of involving spreading False about FAKE Investment online to Attract .

A  Straits Times Revealed That the scams Specifically Redesigned to Appellee to Singaporan Residents by Use well-known Localised Personalities to Endorsement the scams – Possibility Withought They Knowers or approval.

Growing Concerns for Local Authorities

Speaking to the media Recently, Localised police Statesd That the basic format of the scam involves the use of online articles Which Functions as Recruitment Material for who do not out Enough due diligence. Typically, the articles Featured Phosphoresce Endorsementments and Testimonial about the scam Investment Program purportedly From Prominent Singaporan Publical and celebrities, Which Attract several low-level who Wanting to the Success of the Featuredd Individuality.

CCN ed on one Subsites in Spetember, Which comments Falsely attributed to Shanmugaratnam Shanmugaratnam, the MAS Chairpeople and Prime-number Amatya as Baiting for to put They into a Dodgy Bitcion Investment scheme. The Subsites Soliciting One-on-one data of User Inclusion Contact Detail and bank or Credit Detail.

When the unsuspecting on Linking in these articles, They are Taken to Subsitess Offering these Investment and Unasked to Submit They Contact Detail, After Which They are Contacted by Representatives Operations on behalf of the Investment Scheme. According to the police, these Scheme generally operate From Outside Singapor and are not recognised or Regulatory by the Authorative of Singapor (MAS).

It will be Recall That Singapor is Curently one of Asia’s friendliest Jurisdictions for Kryptocurrency and technology, several Moves MADE Toward government-level adoption, Kryptocurrency Disbursements Regulatory and ICO oversight. all of this, the MAS Curently DOES not a crypto Regulatory framework, and no or Contract are offered for Kryptocurrency Investment.

According to the police, into any crypto Investment Scheme Which are run From Outside Singapor Giftware an additional Layers of Fraudster risk for Singaporan as it is to ascertain They auticity and Reidentification the Individuality Derriere the Scheme. In addition, WHEN pursuing Claim Against Orerators of Scheme, this Giftware an Extra Layers of y as the are not Subjects to Singaporan law.

CCN Recently ed That Singapor is increasingly Becomeing a Globals Centers for Kryptocurrency Investment and innovation, the island States hosting ICOS THAN the USA for the first time ever in August.

Featured image From Shutterstock.

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