The Monetary Authority of Singapore issued a warning to crypto investors after the state’s prime minister was unintentionally caught in a fraudulent token fraud.
Bitcoin fraud alert
Authorities in Singapore issued a notification to Bitcoin (BTC) and cryptocurrency investors, warning them of the dangers of entering such a volatile market.
On April 6, Tharman Shanmugaratnam, head of the Monetary Authority of Singapore, warned of the risks inherent in speculating in the cryptocurrency space and claimed that their values were not tied to any fundamental principle. Shanmugaratnam said retail investors should stay away.
“Cryptocurrencies can be highly variable as their values typically do not relate to any one economic basis. Therefore, they are quite risky as investment products and definitely not suitable for retail investors.
A few days ago, Singapore Prime Minister Lee Hsien Loong warned citizens to remain vigilant when it comes to cryptocurrency investment after tokens bearing his name, likeness, and social media profile are minted.
Shanmugaratnam said MAS will continue to closely monitor developments in the cryptocurrency and will try to maintain regulatory pace as technological progress continues.