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Singapore: Crypto Scam Scheme Faking Governmental Data to Mislead Users

By Chris Torres | February 6, 2019
Crypto Scam Scheme Faking Governmental Data to Mislead Users

The Monetary Authority of Singapore (MAS) has released a warning due to the consecutive emergence of the so-called “governmental issued cryptocurrency exchange” websites which are confirmed to be scams.

According to Singapore’s central bank and financial regulation issuer, the MAS confirms that the scheme is all built on fabricated data to solicit investments in a nation-wide digital currency. Thus, the public has been warned not to provide personal and financial details to purchase the proclaimed coin.

Adding to the statement, the MAS also included previously published cautionary recommendations regarding the high risks of “putting money in cryptocurrencies or digital tokens”, with the earliest was since December 2017.

Not so long ago, the MSA ceased a local ICO project from operation due to regulatory breach, issued on January 24, emphasizing on the compliance of any financial operation with the MSA.

A similar case occurred to Malta last week, in which an alleged “get-rich-quick” scheme under the name of “Bitcoin Revolution” redirecting users to its website without their consent.

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