Bitcoin Scams: Singapore Investors Lost $78,000 In 3 Months

In the latest Bitcoin news, we are covering Singapore’s market where a total sum of $78,000 was lost to cryptocurrency scammers in the country. After using a series of strategies involving spreading false information about fake investments in order to attract investors, the Bitcoin scammers managed to get away with $78,000 which were lost in these types of fake investments.

First published in a Straits Times report, the news reveals that the scams were specifically designed to appeal to the Singaporean residents by using well-known local personalities endorsing the scams – without their knowledge or approval.

The local police spoke to the media recently and stated that the basic format of the scam involves the use of online articles which main function is to be a recruitment material for investors who don’t carry enough due diligence. From glowing endorsements to almost-real testimonials, these scams promoted investment programs from prominent Singaporean public figures and celebrities, attracting several low-level investors who wanted to imitate the success of the individuals featured in the scams.

Singapore is currently one of the friendliest crypto and blockchain jurisdictions – and there are many moves towards government-level blockchain adoption. Despite all of this, putting money into any crypto investment schemes run from outside Singapore is still a risk for many investors – mostly because it is difficult to ascertain their authenticity and identify the individuals behind the schemes.