Singapore Police Warns Investors against Investing in Cryptocurrency amid FTX
2022.11.19 12:14
Singapore Police Warns Investors against Investing in Cryptocurrency amid FTX
Budrigannews.com – On November 19 The police have issued a warning about a website claiming to be sponsored by the U.S. Department of Justice that prompts FTX users to log in with their account credentials, local news agency Channel News Asia reported. The website, which was not identified, has been linked to a local “bank” affected by the FTX collapse, arguing that customers “would be able to withdraw funds after they have paid their legal fees.”
Police said the website was a phishing scam designed to trick unsuspecting users into giving away their personal information.
Local authorities have also warned against fake online articles promoting domestic cryptocurrency automated trading programs that appear to have proliferated recently. These articles often feature prominent Singaporean politicians, such as the Speaker of Parliament, Tan Chuan Jin.
Related: Hong Kong and Singapore Mega Rich Are Eyeing Crypto Investments: KPMG
This is not the first time Singapore’s police have issued a public warning against crypto fraud, but recent developments in the industry have led investors to believe the attack has an estimated 100 million investors and creditors affected by FTX’s bankruptcy. Collectively, they face billions of losses.
Despite promoting its status as a hub for cryptocurrency and Web3 innovation, Singapore has been pursuing stricter regulations on retail transactions and self-hosted wallets. The city-state has repeatedly warned investors that digital assets are highly speculative and have banned crypto advertising on social media.
Nevertheless, several crypto companies have applied for licenses in the city-state, and stablecoin issuers Circle Internet Financial and Paxos have recently gained approval from Singapore’s financial authorities.
