This is the final part of a four-part series about recent cryptocurrency scams in Singapore. If you haven’t read the previous parts, you can read them here, here and here.

We’ve went through a few MLM crypto ponzi schemes previously. In the final part of this series, we’ll be discussing how investors have fallen prey to the circulation of fake news and fake websites regarding the Singapore government’s “adoption” of its own cryptocurrency.

Making use of Singapore’s welcoming stance to cryptocurrency

Singapore has always been welcoming towards new innovations and business ideas, making it one of the most crypto-friendly countries in the world. The government’s amicable attitude towards cryptocurrency has encouraged crypto investors and startups to thrive. Binance Singapore, after all was funded by Temasek Holdings’ Vertex Ventures. In recent years, there has also been a number of noteworthy crypto and blockchain startups popping up in this island city.

However, amidst this atmosphere, scammers have taken advantage of the government’s welcoming stance and created fake news about the government’s adoption of Singapore’s own cryptocurrency.

False website and false claims

On 31July 2019, a website has been flagged by MAS as fraudulent and filled with falsified claims and has since been taken down. According to this source, the website invited online users to invest in Bitcoin, persuading them with misquotes and untrue claims. 

Like many cryptocurrency scams, the website claimed to help individuals get-rich-quick if they traded in a crypto platform, Bitcoin Loophole. In one of its articles, ESM Goh C

hok Tong’s quotes were taken out of context and even falsified to persuade users to deposit a sum of money as part of “investing” in new innovation and technology.

In order to be part of this “trading platform”, victims were told to deposit at least $250 into Bitcoin Loophole which supposedly trades on users’ behalf. Besides scamming victims’ deposit, Bitcoin Loophole also got ahold of users’ credit card and bank account details, claiming that these details.

Other False Websites and Facebook Pages 

Besides Bitcoin Loophole’s faux trading platform, there are also other false websites and Facebook pages circulating fake news about the government’s adoption of cryptocurrency. According to this source, there has been a fake CNBC website claiming that the Singapore government had officially backed a cryptocurrency to make it its official coin. Additionally, there have also been a number of Facebook Ads encouraging users to buy the “Singapore Coin”. To set the record straight, the Singapore government had not backed any cryptocurrency to date. Ads and Facebook pages regarding the “Singapore Coin” are scams.

As mentioned in previous parts of this series, crypto platforms which constantly promote themselves as a means for users to gain wealth quickly are usually ponzi schemes.  Scams like these often target individuals who want to invest in cryptocurrency without putting in the effort to learn about the market. Knowing how to make investment decisions yourself is vital if you truly want to profit from investing in cryptocurrency. Ample research on your part is necessary.

Bitcoin Loophole is not the only website out there spreading false claims and circulating fake news. As interest in cryptocurrency picks up momentum, scams have been on the rise, taking advantage of those who are ignorant yet urgent to be part of cryptocurrency investing. When you’re investing, it’s usually better to start with the most credible and popular coins in the market. Bitcoin, Ethereum, Ripple, and Litecoin are some of the most talked about and credible cryptocurrencies. Trading and investing in cryptocurrency requires diligent researching on your part — it’s not just another way to get rich quick. Having this mindset right from the get go will prove to benefit your cryptocurrency journey.