Bitcoin Scams Swindle Singapore Investors for $78,000 in 3 Months

Between September and November 2018, a total sum of $78,000 was lost to cryptocurrency scammers in Singapore after they used a series of strategies involving spreading false information about fake investments online to attract investors.

A  Straits Times report reveals that the scams were specifically designed to appeal to Singaporean residents by using well-known local personalities to endorse the scams – possibly without their knowledge or approval.

Growing Concern for Local Authorities

Speaking to the media recently, local police stated that the basic format of the scam involves the use of online articles which function as recruitment material for investors who do not carry out enough due diligence. Typically, the articles feature glowing endorsements and testimonials about the scam investment programs purportedly from prominent Singaporean public figures and celebrities, which attract several low-level investors who want to imitate the success of the featured…