MAS warns on fake website that lures bitcoin investments

It attributed false statements to MAS chairman and DPM Tharman Shanmugaratnam.

The Monetary Authority of Singapore (MAS) warned the public about a fake website which has been soliciting investments in bitcoin by using comments attributed MAS chairman and deputy prime minister Tharman Shanmugaratnam.

“The website’s article on Bitcoins is highly deceptive and misleading,” MAS said. “The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore.”

According to MAS, the site calls on readers to sign up for a Bitcoin account. After which, they request for credit card or bank account details.

MAS reminded the public that cryptocurrency investments are highly risky and had even issued a warning back in 2017 about the risks in jumping into such. They even noted that DPM Tharman had previously said in parliament that Singaporeans ‘could lose their shirts when they invest money in cryptocurrencies’.

“Members of the public should exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website,” the agency said.

They urged the public to report to the police investments which they suspect to be illegal or misused for other unlawful activities.