Bitcoin Scams: Singaporeans Losing Thousands of Dollars to Crypto Fraudsters

Singapore authorities recent report that residents have lost about $78,000 to fraudulent online platforms in three months.

Online Cryptocurrency Scam Using Fake Personalities

The Straits Times reports that Singapore residents have fallen victim to some online Bitcoin scams in a couple of months, losing up to $78,000 between September and November 2018. The police claimed that unsuspecting Singaporeans were the target of these investment scams.

The authorities stated that these scams came in the form on paid online ads and had pictures of famous Singaporean celebrities/personalities. These personalities are portrayed as endorsing the use of virtual currency such as Bitcoin and how they have profited by investing in cryptocurrency.

Unsuspecting Singapore investors who can’t see right through the faux go ahead to click on the suspicious links and further directed to another website. The new website would then show investments in digital currency. The scam sites always have a…