Singapore’s Central Bank Raises Alarm About a Bitcoin Scam

Brian Njuguna   Aug 05, 2019 01:48 2 Min Read


Singapore’s Central Bank has announced that a website instigating fake claims to woo Singaporean investors is operational. Notably, this financial regulator has called out its activities as investors are prompted to purchase Bitcoin.

The Monetary Authority of Singapore (MAS) has been pivotal in showcasing the website’s fabricated declarations about Bitcoin investment linked to Goh Chok Tong, the nation’s former prime minister.

According to the Monetary Authority of Singapore, the website requires a minimum deposit of $250 from investors. This amount is channeled to a supposed initiative known as Bitcoin Loophole that runs investors’ trades.

Singapore’s Central Bank has warned prospective investors to be afraid of the website. Additionally, it has stipulated that any comments linked to Goh on the site are utterly fabricated. The MAS has reminded people to be careful of fraudulent websites that entice them using fake celebrity endorsements. It asserts that this is a well-orchestrated move to make investors part with their funds.   

Bitcoin Loophole is not new to controversy. Previously, it was in the limelight based on its scam procedures. In June 2019, its ads were hindered by Facebook after a celebrity endorsement rip-off was run. Specifically, it showcased the Crown Prince of Abu Dhabi called Sheikh Mohamed bin Zayed. The operators had promised prospective investors that their net returns would be $13,000 daily from an up-front investment of $272 or 1,000 dirhams.


Image via Shutterstock

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