‘FAKE NEW’ AND CRYPTOCURRENCY PLAGUING SINGAPORE’S DEPUTY PRIME MINISTER

Singapore’s Deputy Prime Minister Tharman Shanmugaratnam is in support of the cryptocurrency industry, at least that is what phishing websites would have you believe. In a marketing scheme to extract users credit card information and bank details, fake websites have been spreading false news concerning the Deputy Prime Minister.

The Singaporean Police have cracked down on two websites, one which touted that the DPM said the country is investing heavily into the flagship cryptocurrency. The other scam website posted that DPM Tharman will invest S$1 billion as a venture capitalist for Singapore. Both sites claimed that if the people of Singapore want to ride the profit wave with the country, they need only enter the financial details, and in less than a month will be generating money hand over fist.

The Monetary Authority of Singapore (MAS) released on their official government site:

“Singapore, 18 September 2018… It has come to the attention of the Monetary Authority of Singapore (MAS) that a fraudulent website has been soliciting investments in Bitcoins using fabricated comments attributed to MAS Chairman and Deputy Prime Minister, Tharman Shanmugaratnam.

The website’s article on Bitcoins is highly deceptive and misleading. The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore.”

Despite these recent scam sites being exposed, Singapore remains a stance of welcoming in cryptocurrency, and is looking at regulating a framework to allow crypto exchanges to operate in its borders.