Bitcoin-Scam: Singapore struggling with fraud

Singapore’s Bitcoin investors are currently struggling with targeted misinformation. For example, gullible investors have lost over $ 70,000 in recent months. The authorities in Singapore now want to take greater action against such Bitcoin scams.

Anyone who navigates the Internet in one way or another will know about sensational announcements or advertising placements. Although the buzz of “guaranteed profit” should ring the alarm, Singapore authorities are seeing an increase in Bitcoin-related Internet fraud.

Celebrities advertise with high profits

Accordingly, local media reports that investors in Singapore have lost a total of $ 78,000 in recent months. The scam that they fell victim to was tailored directly to residents in Singapore. To this end, the initiators of the Bitcoin scam have placed ads on which local celebrities have lured with guaranteed profits when investing in Bitcoin. Apparently trustworthy celebrities advertise in the ads that investing in Bitcoin is a lucrative investment opportunity with no risks.

Naïve investors would be asked to provide their personal details in order to be assigned a personal “caregiver” immediately thereafter. This then do persuasion, until the cheated investors sent their money in the crypto-nirvana.

Authorities warn against fraud scheme

Now, the financial regulator of the city warns against such fraud schemes. The Monetary Authority of Singapore claims that investment in cryptocurrencies, especially if they are cross-border, can not be monitored by the Singapore authorities.

Singapore is working on legal framework for asset tokenization

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 tokenization of assets.

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