Singapore Investors Lose $78 Thousand In Crypto Scam
In the autumn 2018, Singaporeans transferred about $78,000 to scammers who promoted fake articles advertising fraudulent bitcoin investment schemes, Straits Times reports.
According to the local police, the scam scheme creators initially targeted the people of Singapore. To attract their attention, they published articles that included opinions of local famous people, who allegedly give green light to bitcoin investments and have already made huge profits from them.
Once users clicked on links in such articles, they were switched to a resource offering to make investments in cryptocurrency and other financial assets. Potential investors were asked to provide their personal information. After that they received phone calls from a member of the investment scheme.
The police found out that the schemes were operated by foreign fraudsters and were not within the purview of the Monetary Authority of Singapore (MAS). This body does not regulate foreign digital assets and therefore does not provide any guarantees to local crypto investors. According to the police, investors may also have problems when proceeding with claims against scammers.
As previously reported, hackers managed to get access to the Uphold crypto exchange’s email and sent out letters asking users to transfer bitcoins to a specified account to obtain an additional profit during “Black Friday”.