MAS warns of fraudulent website soliciting bitcoin investments

A fraudulent website has been found to be soliciting investments in Bitcoins using fabricated comments attributed to Monetary Authority of Singapore (MAS) Chairman and Deputy Prime Minister, Tharman Shanmugaratnam.

The website’s article on Bitcoins is "highly deceptive and misleading", MAS said in a press release on Tuesday, Sept 18.

"The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore."

The site asks readers to sign up for a Bitcoin account and requests for credit card or bank account details.

Screenshot of the fraudulent site. Photo courtesy: MAS
Screenshot of the fraudulent site. Photo courtesy: MAS

The central bank urged members of the public to exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website. Putting money in cryptocurrencies such as Bitcoins is highly risky, MAS added.

An advisory issued on Dec 19, 2019 by MAS warned the public of the risks of cryptocurrency investments. DPM Tharman also previously said that Singaporeans “could lose their shirts when they invest money in cryptocurrencies”. ​

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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