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Authorities Caught Fake Website on Deceptive Promotion of National Cryptocurrency

authorities-caught-fake-website-on-deceptive-promotion-of-national-cryptocurrency

The Monetary Authority of Singapore (MAS) released yet another caution notice on grounds of cryptocurrency. However, this time, scammers ‘allegedly claimed themselves’ as a company, supported by the Singaporean government.

Bogus websites Continue to Emerge

In the latest release, MAS warns the public not to be indulged or misled by the ‘fraudulent crypto firm’ which urged investors towards its scam crypto investment.

These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency.

The firm is pulling off the public’s attention by using ‘fabricated information about Singapore’s government’. Moreover, it claims to launch a cryptocurrency which is an official digital coin of Singapore. Deceitfully, one such article has found on ‘fabricated website of CNBC’ means that the website appears to be very similar to CNBC news media. It falsely states about the official coin Singapore government is launching.

 

Image Courtesy – MAS

However, MAS didn’t provide the name of the scam firm as such, it hasn’t revealed the domain where the article was published.

MAS also state the website is trying to steal user’s information and urged them to purchase cryptocurrency by sharing their personal and financial details. The announcement reads that;

This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.

Although, this is not the first time MAS caution public against the scam, earlier as reported by Coingape, it has seized the security token offering for not complying with the regulatory procedure.

By addressing the scam venture, MAS alerts citizens against investing in cryptocurrency and digital tokens. It states ‘these are highly risky’. Furthermore, it asks members of the public to report to the police if encounter any such acts.

Members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the Police. MAS concluded

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