Scammers Steal $78,000 From Singapore Residents

Karan Balwani

December 6, 2018 12:35 pm

Crypto Scam

Scammers Steal $78,000 From Singapore Residents
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A cryptocurrency investment scam has resulted in a loss of $78,000 within 3 months. The authorities were able to trace this back to a series of fraudulent marketing campaigns.

The scammers were able to convince victims into an investment with bogus articles based on famous Singaporean personalities in an attempt to gain credibility.

The advertisement by these scammers made false claims about celebrities earning handsome profits through Bitcoin investments from unauthentic companies. The people who fell prey to this scam ending up sending cash but received nothing in return.

The unsuspecting victims received phone calls from company “representatives” to portray legitimacy to the scam.

As per the reports, these scams were originated from countries outside of Singapore. This means that these outlets do not come under the authority of Singapore’s financial watchdogs.

As Singapore’s government does not regulate cryptocurrency, even if the business were based locally, there was little action that could be taken. This means that the country is void of any safeguards that could potentially protect cryptocurrency investors.

This is by no means an isolated incident as countries like New Zealand also faced such scams. In this case, Daniel Faitaua’s name was used. The ads claimed that Faitaua doubled his investment by buying a small amount of Bitcoin through this scheme.

To clarify, Daniel had to issue an on-air statement saying this he did not have any connection with the “business”, nor had he bought any Bitcoin.

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