Singapore is now one of the major havens for crypto business. According to news outlet Cointelegraph, however, the financial hub has consequently become a target for con artists looking to scam would-be investors out of their Bitcoin, whose prices have recently seen a meteoric rise amid global trade frictions and economic slowdown.
Singapore’s Central Bank, the Monetary Authority of Singapore (MAS), announced that a suspicious website made statements that were falsely attributed to Goh Chok Tong, the city-state’s former prime minister.
The website reportedly asks investors to deposit a minimum of US$250 into a platform it calls “Bitcoin Loophole,” along with other crucial financial information, claiming that it could run trades for the investor.
The MAS has warned potential investors to be wary of the site, adding that the statements published on the site were “either false, or were taken out of context and used in a misleading way.”
The MAS warns investors to exercise caution around schemes that use forged quotes from celebrities or public figures to convince investors to part ways with their money in exchange for cryptocurrency.
This isn’t the first time that Bitcoin Loophole has taken the spotlight for scam operations. In June 2019, the platform reportedly had its ads blocked by Facebook for running a celebrity endorsement scam featuring Sheikh Mohamed bin Zayed, the Crown Prince of Abu Dhabi, purportedly endorsing a scheme that promised immense returns within a week.
According to a statement by the regulator, “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.”
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