Singapore’s Monetary Authority Warns Against Fake Bitcoin Scheme

Wilfred Michael 

Wilfred Michael

News reporter

31 July 2019,
19:03
Singapore’s Monetary Authority Warns Against Fake Bitcoin Scheme

The Monetary Authority of Singapore (MAS) said in a July 31 press release that its attention had been drawn to a fake website soliciting Bitcoin investments from the public, for supposed high-profit trading.

The website with the attached screenshot used fabricated comments made by popular Singaporean politician Goh Chok Tong, who according to records served as Singapore's second prime minister from 1990 to 2004

Those statements, which the MAS flagged as “either false or [...] taken out of context and used in a misleading way” were designed to lure users into the scheme dubbed Bitcoin Loophole. 

Fake testimonies of supposed investors, including the amount paid out by the scheme to these people, was also prominently featured on the page to lure unsuspecting visitors.

The fraudsters behind the website asked readers to make a minimum initial deposit of $250 into the Bitcoin Loophole, which “would automatically initiate trades on one’s behalf.” They also demanded the credit card or bank account details from interested persons.

While the MAS did not provide any details regarding how much the fake Bitcoin scheme amassed before the announcement, it warned citizens to exercise extreme caution and avoid giving any financial or personal information on the forms linked from the website.

The latest development, however, is not the first time that a financial regulator is raising alarming regarding fake cryptocurrency-related schemes targeting newbies to the industry.

Last month, we reported that the United Kingdom Financial Conduct Authority (FCA) flagged two clone companies claiming to be Goldman Sachs, and leading Switzerland-based crypto firm, Swiss Investments.

Back in December, the regulatory body for the Italian securities market (CONSOB) also red-flagged two allegedly fraudulent crypto investment schemes - Bitsurge Token and Green Energy Certificates.

 

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