Monday, July 15, 2019

Singapore Authorities Warns Citizens Of Scam Website Asking for Cryptocurrency

The Monetary Authority of Singapore, MAS warns the populace to be careful of the fraudulent activities of a website asking for Cryptocurrencies.

Fraudulent Website Soliciting For Cryptocurrencies

The attention of the country’s crypto community has been brought to a malicious website asking for cryptocurrency from people.

The monetary authority of Singapore informed the public to be careful in dealing with a fraudulent website asking for Bitcoin investments with fabricated comments, alluded to the MAS chairman and Deputy Prime Minister, Tharman Shanmugaratnam.

Articles posted on the fraudulent websites were deceptive and highly misleading, purposely to scam the Singaporean citizens. So also, the statements attributed to the Deputy Prime Minister, Tharman Shanmugaratnam were also noted to be untrue, but for his opinion on the low volume of cryptocurrency trade in the country.

Notably, the malicious website requires its users to sign up for a Bitcoin account and also request for a credit card or bank account details. Signing up or providing financial information of any type to this type of website makes an individual prone to the risk of scam, hack and related activities.

To avoid falling victim of the malicious act of the website, the monetary authority of Singapore warns the public to observe extreme caution and avoid providing any financial or personal information in the forms linked to the website.

The malicious website requesting for Bitcoin and financial details is the second in two days to be reported of fraudulent acts about the Deputy Prime Minister, Tharman Shanmugaratnam in Singapore.

Before now, the MAS has noted to the public on the 19th December 2017 that investing in cryptocurrency is very risky. Tharman has also further lent his voice to this on the 5th February 2018 by stating that Singaporeans could lose their shirts in staking their money in cryptocurrency.

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Despite this, there has been considerable growth in the cryptocurrency community, as top exchanges get evicted from China due to the ban on cryptocurrency in the country they find the country as a haven for their firms.

Cryptocurrency Scams In The Crypto Space

The opinion of the Deputy Prime Minister, Tharman Shanmugaratnam on investment in cryptocurrency seems a parochial thought on cryptocurrency.

Though investment in fraudulent cryptocurrencies or fake ICOs could bring his opinion to fruition, a similar view is shared by the government of China; this has led to banning on cryptocurrency and ICOs activities in the country.

However, with reputable and appropriate measures, the dangers of cryptocurrency scam could be averted. This goal has led to cryptocurrency and ICOs regulations in France, Ukraine, Russia, Japan among others recently.

Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

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