Singaporean Police have warned that scammers are targeting investors still hurting from the losses brought on by the recent bankruptcy of cryptocurrency exchange FTX.
According to local news outlet Channel News Asia, the authorities issued a warning to the public about a website that requests FTX users’ login information and purports to be housed by the US Department of Justice. Targeting local investors concerned by the FTX collapse, the unnamed website asserts that clients “would be able to withdraw their assets after paying legal expenses.”
Retail investors are in a panic as a result of the collapse of FTX, the second-largest cryptocurrency exchange in the world, as their assets have been frozen. A number of financial organizations, including the Singapore investment giant Temasek, had investments in FTX that were wiped out totalling hundreds of millions of dollars.
The police also issued a warning about a second scam involving cryptocurrency investments, in which scammers use phoney articles to advertise auto-trading services.
Police warn against fake articles on cryptocurrency
According to the police, the fake articles use political leaders like Speaker of the House Tan Chuan-Jin and Senior Minister Tharman Shanmugaratnam to purportedly endorse bitcoin auto-trading platforms. They are written to look like news sources like CNA.
There would be accusations in these stories that both politicians “endorse algorithmic cryptocurrency auto-trading schemes,…
