The Monetary Authority of Singapore (MAS), the most important regulator of the country, has recently discovered a new Bitcoin scam. This new scam is using fake claims from the country’s former Prime Minister in order to convince investors to give them their money.
According to the institution, this site invites the users to invest in Bitcoin using an article that is basically fake. The scam attributes fake claims to Goh Chok Tong, which acted as the Prime Minister of Singapore from 1990 to 2004. The regulator has affirmed that all the statements were either taken out of context or completely falsified by the scammers.
The site, named Bitcoin Loophole, presented an article in which the former Prime Minister would “reveal his method to become rich in 7 days”.
It was clearly a fake attempt, but some incautious investors could end up taking the bait because of the image of the Prime Minister. It’s just like those scams in which Elon Musk wants to give you Bitcoin but you gotta give him a few bucks to prove that you are “serious”.
The scam demanded that investors should deposit at least $250 USD on the trading platform to start. The idea was that the service used an automated trading service that would only make winning trades. This was, obviously, another fake claim.
Also, according to the Singapore authority, the scammers asked for credit card details and banking account of the victim, so there may be a secondary scam as part of the move.
This is not even the first time that Bitcoin Loophole tries to use the face of someone famous to dupe investors. Last month, the company used the face of the crown prince of Abu Dhabi in another scam on Facebook, which deleted the post.
Unfortunately, this is why you should be extremely cautious when dealing with this kind of company. Scammers are everywhere and they are ready to take your hard-earned money if you are not careful.
Remember to always avoid companies that promote unreasonable return on investments and to always check with the regulators whether a company is legitimate or not before you make any investment.