The Prime Minister of Singapore Lee Hsien Loong revealed in a tweet that fraudsters are using names of top government officials to solicit for bitcoin investments. He warned that all publications using his or his deputy’s names to promote bitcoin investments are false.
— Lee Hsien Loong (@leehsienloong) September 22, 2018
In a similar post on Facebook, Loong reiterates his concern on the dissemination of fake news from fraudulent websites. The Prime Minister added that the government has set up a committee that will tackle fake news. The committee released a report, which focuses on deliberate internet false publications and ways ways to tackle fake news. Loong revealed that the government is currently working on incorporating the solutions highlighted in the report.
Singapore’s Fight against Fake Bitcoin News
Further, the Prime Minister called for the support of Singaporeans in the nation’s fight against fake news by reporting fabricated publications. Loong’s take on fraudulent bitcoin investment publications has garnered a positive response from the crypto community. One of the prominent people that have applauded this move is Binance CEO, Changpeng Zhao. Zhao took to Twitter to declare his support for Loong’s comments.
Prime Minister of Singapore goes on twitter himself to fight scammers in our nascent space. Respect! https://t.co/ERXcyW4zuv
— CZ Binance (@cz_binance) September 22, 2018
On September 19, CNA reported the Monetary Authority of Singapore (MAS) revealed that 2 websites were promoting bitcoin by using fabricated statements attributed to the DPM of Singapore Tharman Shanmugaratnam. Further, the report revealed that the website asked readers to submit their bank and credit card details. As a result, (MAS) have warned Singaporeans about the risk involved in submitting financial and personal information to fraudulent websites.
In addition, MAS reiterated Shanmugaratnam take on cryptocurrencies. The Deputy Prime Minister had stated in February that crypto investors could lose all their money when they invest in cryptocurrencies.
The crypto community has recorded thousands of high profile fraud schemes. Investors are promised heaven on earth when they put their money into non-existing projects. In addition, fraudulent crypto websites and comments can be found all over the web. Recently, fraudsters are using the name of influential people to publicize fraudulent cryptocurrency projects