According to Channel News Asia over the weekend, the Singaporean police warned about fraudulent information about cryptocurrencies on the internet, including a fake website directed at FTX investors that is likely a phishing site used to gather login information.
- Following the failure of one of the largest cryptocurrency exchanges in the world, the phony website claims to assist FTX’s clients in recovering their investment losses.
- The victims of FTX in Singapore are not only individual and retail investors. In a statement, the government-owned state-holding corporation Temasek said that its investment in the cryptocurrency exchange was now worthless. It claimed to have conducted eight months of due diligence on FTX, including studying audited financials that demonstrated the business was successful. The company invested $210 million in FTX International and $65 million in FTX US.
- Singaporean authorities have also warned about false internet articles that advertise nationwide cryptocurrency auto trading programs. According to local authorities, leaders from Singapore, including Speaker of Parliament Tan Chuan-jin and Senior Minister Tharman Shanmugaratnam, often appear in such articles.
- These articles assert both politicians “endorse algorithmic cryptocurrency auto-trading programs, such as Immediate Edge, claiming that such programs generate massive profits.” The police noted that these articles are usually paid online ads that act as clickbait.
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