Given the previous incidents of fraud that occurred in the field of cryptocurrencies, it has become a habit for fraudulent crypto exchanges to operate under the identity of leading figures.
Warning from the Prime Minister
According to a Strait Times report, Prime Minister Lee Hsein Loong issued some warnings to all Singapore residents regarding uncontrolled crypto exchanges.
After the report, Prime Minister Loong realized that an unauthorized crypto exchange called BitClout was working with his profile without his consent.
After a media company sent a query to his office when he saw his profile for the unauthorized crypto exchange, the notification got to him.
The discovery of his profile being used on one of these platforms triggered his concerns.
To protect its reputation and the funds of potential and current users of the platform, Loong ordered the removal of its details, including his name and photo, from the platform.
Loong posted on social media platforms to expose the deceptive situation:
“The creators of the site are anonymous, but since I have nothing to do with the platform, I sent an explicit tweet asking for my name and photo to be removed immediately from the site. It is an application that is misleading and without consent. ”
He believed that such a platform would only aim to remove people from their funds. Thus, he encouraged residents of the country to be vigilant about crypto platforms. He urged them to engage with crypto exchanges regulated by the Monetary Authority of Singapore (MAS).
The Prime Minister finally warned:
“Before making any investment, please make sure the investment is genuine and legitimate to avoid being scammed.”