Singapore’s Central Bank Warns Citizens Against Cryptocurrency Exchange Scam

The Monetary Authority of Singapore (MAS), the apex bank of the country, has warned investors to be wary of a scam bitcoin investment website that has been soliciting for funds from members of the public by using false statements purportedly made by Goh Chok Tong, the former Prime Minister of Singapore, according to a press release on July 31, 2019.

Bitcoin Thieves Deceiving Investors

Per a statement released by the MAS, bad actors have devised a new means of defrauding unsuspecting crypto investors in the region.

Specifically, the MAS says a scam bitcoin trading website called “Bitcoin Loophole” has been using false statements, purportedly made by Goh Chok Tong, to lure gullible investors into pumping in their hard-earned money into their illegal project.

The site promises to automatically execute trades on behalf of users who make an initial deposit of $250 and it also asks potential investors for their credit card and bank account details.

The MSA declared:

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