Singapore Regulator Calls Out Bitcoin Scam - Coindoo
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Singapore Regulator Calls Out Bitcoin Scam

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Jul 31, 2019
2 min reading time

The Monetary Authority of Singapore (MAS) outed a Bitcoin scam scheme which used fake claims by the former prime minister in order to attract investments.

The central bank and financial watchdog of Singapore issued released an official warning on July 31, stating that they have discovered a website which tried to tempt users into investing in Bitcoin by using a fake article.

The scam website posted fake claims which were attributed to Goh Chok Tong, a Singaporean politician that activated as the country’s second prime minister from 1990 to 2004. The regulator stated that the claims made were “either false or were taken out of context and used in a misleading way”.

Source: Monetary Authority of Singapore

The scam used the former prime minister’s name in order to convince people to deposit a minimum of $250 into Bitcoin Loophole, a platform that claims to execute automated trades on users’ behalf. They also asked users to submit their credit card or bank account details. The Singapore regulator warned the public to be extremely cautious when they give their personal information to site owners, especially those that advertise Bitcoin investments.

Bitcoin Loophole also made headlines in late June, around the same time Facebook took down ads for a Bitcoin scam which used fabricated posts from the crown prince of Abu Dhabi.

MAS has issued multiple warnings in the past, one being against several fake websites which claimed that the Singaporean government launched their own crypto.

Featured Image: Yahoo Finance

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