Bitcoin-Scam: Singapore struggles with wave of fraud

Bitcoin investors in Singapore are currently struggling with targeted misinformation. Thus, gullible investors have lost over 70,000 US dollars in recent months. The authorities in Singapore now want to take stronger action against such Bitcoin scams.

With this simple trick, you win $1,000 an hour – guaranteed! Your boss will hate you for it! With this method you generate passive income, the next holiday is guaranteed!

Anyone who moves in one way or another on the Internet will be aware of such announcements or advertising placements. Although the “guaranteed profit” keyword should sound the alarm bell, the Singapore authorities are seeing an increase in Internet fraud related to Bitcoin.

Cryptosoft advertise with high profits

Accordingly, local media report that cryptosoft investors in Singapore have lost a total of 78,000 US dollars in recent months. The scam they fell victim to was directly tailored to Singapore residents. To this end, the initiators of the Bitcoin Scam have placed advertisements on which local celebrities have lured with guaranteed profits when investing in Bitcoin. In the ads, seemingly trusted celebrities advertise that investing in Bitcoin is a lucrative, risk-free investment opportunity.

Naive investors would be asked to provide their personal details and then be assigned a personal “advisor” immediately afterwards. This person would then do the persuasion work until the bounced investors sent their money to crypto nirvana.

Authorities warn against fraud scheme

Now the city’s financial supervisory authority is warning against such fraud schemes. The Monetary Authority of Singapore therefore points out that investments in crypto currencies, especially if they are cross-border, cannot be monitored by the authorities in Singapore.

Singapore working on legal framework for asset tokenisation
Singapore is currently working on a platform for token-based securities. In cooperation with Nasdaq, Deloitte and Anquan, the exchange supervisory authority wants to create an opportunity to provide a legal framework for the tokenisation of assets.