The Monetary Authority of Singapore (MAS) has issued a warning to a Bitcoin scam website. MAS indicated that the site was using fraudulent and unsolicited means to offer Bitcoin investments by using falsified comments of a former prime minister.
Singapore’s central bank and financial regulator on July 31st claimed that the organization has become conscious of a website that has been inviting online users to invest in Bitcoin through an article with false information.
<h2>Forged Statements of The Former Prime Minister Are Being Used by The Website to Solicit Bitcoin Investment and to Defraud The Public</h2>
The said website took fabricated statements attributed to Goh Chong Tong, a local politician who was in the service of the Singaporean government from 1990 to 2004 as reported by MAS. The allegations were "either false or were taken out of context and used misleadingly," the regulator noted.

The former prime minister’s title was used purportedly in a scheme to make people deposit a minimum of $250 into the trading platform named Bitcoin Loophole, which alleges to execute programmed trades on subscribers’ behalf. MAS also advised the public against providing any information to the website. This warning was in line with the fact that the site also asked for credit card and bank account details from the subscribers.
<h2>MAS has Issued Previous Warnings to the Public</h2>
Reportedly, this is not the first time that MAS has issued warnings to members of the public. Earlier on, it had provided notices on cases akin to the topic at hand and asked them to practice caution before investing in such schemes.

“In the past year, there have been websites fraudulently using the names and photographs of Ministers and other prominent public personalities to solicit Bitcoin investments,” the <a href="https://www.cryptoknowmics.com/crypto/%f0%9f%9a%a8global-fomo-bitcoin-smashing-resistance-%f0%9f%93%88-new-york-consensus-report/">MAS report</a> concluded.

In September 2018, MAS issued a warning to the public after it emerged that a website was using falsified comments attributed to Tharman Shanmugaratman. Another<a href="https://www.police.gov.sg/news-and-publications/media-releases/20181205_Police_advisory_on_investment_scams_providing_bitcoin_trading_others"> advisory</a> was published in December, following an increase in the number of fraudulent cases. 

The rise and growth of Bitcoin have been the subject of considerable controversy with most governments being skeptical of the cryptocurrency in terms of investment, profit, and involvement in global innovation. As Singapore is quickly becoming the hub for crypto and blockchain scammers are doing their best to leverage the benefits from the rising crypto prices and increasing interest from the public. The report further states that:

“Representatives of the Public are advised to be vigilant and avoid giving any personal or monetary information on the intelligence linked from the said website. Anybody who has any suspicion that an investment could be used for fraud or for any activities that are not lawful should make a point of reporting such cases to the Police.”

&nbsp;

Monetary Authority of Singapore issues Warning on Bitcoin Investment Fraudulent Website

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Monetary Authority of Singapore issues Warning on Bitcoin Investment Fraudulent Website

Top Picks