Singapore authority issues crypto warning after PM falls prey to scammers

Singapore authority issues crypto warning after PM falls prey to scammers


Officials in Singapore have issued a notice to would-be Bitcoin (BTC) and cryptocurrency investors, warning them of the dangers of engaging with such a volatile market.

Notably, the warning comes just 48 hours after Prime Minister of Singapore Lee Hsien Loong had his likeness appropriated by a user on the BitClout social token platform, who used the PM’s name to sell tokens worth a near combined $10,000.

On April 6, the chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, warned of the inherent risks involved in speculating in the cryptocurrency space, asserting that their value was not tied to any underlying fundamentals. Shanmugaratnam said retail investors should stay away.

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“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are hence highly risky as investment products, and certainly not suitable for retail investors,” said Shanmugaratnam, as reported by BNN Bloomberg.

A couple of days earlier, Singaporean Prime Minister Lee Hsien Loong warned citizens to

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