Singapore PM Falls Prey to Scammers and Authorities Issue Crypto-Warning

Singapore PM Falls Prey to Scammers and Authorities Issue Crypto-Warning

Crypto News News Scams
April 6, 2021 by Elias Powell
10
As per the latest reports, Singapore officials have just issued a warning around cryptocurrencies. The warning has reportedly been issued by Singaporean officials addressing the potential risks involved in cryptocurrencies. In the notice, the officials have intimated and warned the cryptocurrency and Bitcoin (BTC) investors to stay very vigilant. They have asked them not to
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As per the latest reports, Singapore officials have just issued a warning around cryptocurrencies. The warning has reportedly been issued by Singaporean officials addressing the potential risks involved in cryptocurrencies.

In the notice, the officials have intimated and warned the cryptocurrency and Bitcoin (BTC) investors to stay very vigilant. They have asked them not to fall prey to any schemes or offers from the crypto-verse that sound too good to be true.

The officials have also re-iterated the cryptocurrency and Bitcoin (BTC) investors around the dangers they may end up facing if they engage in crypto-trading activities.

They have stated that the cryptocurrency markets are extremely volatile and therefore, they pose a huge risk to the investors’ savings and hard-earned money.

This warning notice was issued by the Singapore officials after an incident that had taken place that even concerned the PM of Singapore. It has been revealed that a user from the social token platform, BitClout, managed to appropriate the likeness of the Prime Minister of Singapore.

The user then went ahead and used the likeness and the name of Singapore’s PM in order to sell tokens. According to the officials, the scammer managed to sell $10,000 worth of tokens to other users who thought they were getting them from the PM.

It was on Tuesday, April 6, 2021, when Tharman Shanmugaratnam, issued a warning for the entire cryptocurrency investors’ community. The warning also addressed the people who are currently considering investing in cryptocurrencies.

He added that fundamentally, their values are not tied to anything or physical asset. This is the reason why there is no guarantee what the price of cryptocurrencies may end up experiencing the next moment.

Based on the above, Tharman Shanmugaratnam, who is Singapore’s Monetary Authority’s chairman, requested everyone in the country to stay away from cryptocurrencies.

It was just a few days back when Lee Hsien Loong, the Prime Minister of Singapore had intimated the cryptocurrency investors’ community in the country about the same.

He had asked all citizens of the country to stay very alert and vigilant about cryptocurrencies as they are extremely volatile and full of risks.

Apart from the general perspective, the Singapore authorities have also pointed out the recent performance of Bitcoin (BTC). They have stated that one of the major factors why people are moving towards cryptocurrencies in masses is because of Bitcoin (BTC).

From the start of the year 2020 until now, Bitcoin (BTC) has experienced a 1000% increase with respect to its price and market capitalization. At the beginning of the year 2020, the price of Bitcoin (BTC) was around $7,000 and at the time of writing, it is sitting at $58k per BTC.

Therefore, if the people are not able to invest in BTC, they are willing to invest in altcoins so they do not end up missing out on the opportunity.