MAS warns against fraudulent websites soliciting cryptocurrency investments

The Monetary Authority of Singapore (MAS) has issued an advisory warning members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies. 

These websites have used fabricated information attributed to the Singapore government, falsely claiming that Singapore is adopting a cryptocurrency as its official coin. They also claimed that a firm has been appointed exclusively to market this cryptocurrency.

Screenshot of fraudulent website. Image courtesy: MAS
Screenshot of fraudulent website. Image courtesy: MAS

The sites asked readers to provide their personal and financial details to purchase the cryptocurrency.

"This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites," MAS said in a press statement. 

The regulator also advised that putting money in cryptocurrencies or digital tokens is highly risky. MAS and the Commercial Affairs Department (CAD) have issued several advisories in the past to warn the public of the risks of such investment offers.