Apart of scam ICOs around, there seems to be different kinds of bitcoin scams too.
We want to bring some of these scams to light, and advice you to do your due diligence before every investment.
Below shows the 7 reported Bitcoin scams in Singapore as early as 2016:
These 7 reports excluded bigger crimes, such as “cryptocurrency” robberies and scam ICOs.
The latest Bitcoin scam took things to a new level by using the face of the Deputy Prime Minister of Singapore, Tharman Shanmugaratnam.
The Monetary Authority of Singapore (MAS) issued 2 warnings on their website about 2 scam websites soliciting investments in Bitcoins using fabricated comments attributed to MAS Chairman and Deputy Prime Minister of Singapore, Tharman Shanmugaratnam.
This screenshot of the first scam website is released by MAS late on Tuesday, showing an article with the headline “Tharman Shanmugaratnam Invests $1 Billion for All Singapore Resident. USE HIS Method To Become Rich in Just 7 Days!”.
This second scam website shows an article with a misspelled headline “Tharman Shanmugaratnam Launches Hi-Tech Digital Project for Singaporians. THIS Will Make You Rich In Just 7 Days!”
MAS warns the articles on the scam websites are highly deceptive and misleading.
“The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore.”
The scam sites ask readers to sign up for a Bitcoin account and requests for credit card or bank account details.
MAS advices members of the public to exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website. Stating: “Putting money in cryptocurrencies such as Bitcoins is highly risky.”