Singapore Police: Red Alert For Investors Over FTX Phishing Frauds 

• Singapore police alarms investors to stay away from scam websites claiming themselves as well wishers.
• Fake articles to attract local investors and become their victims.
• Singapore regulation and the race to become the Asian crypto and Web3 Hub.  

Fraudsters Faking Fellows

Investors are getting snared by the scammers running fake websites in aim of getting their trapped money back from collapsed crypto exchange FTX. 

According to the regional news reports, the phishing websites claim to be from the side of the United States Department of Justice that fraud users by logging in with their account credentials and demanding FTX affected users with legal fees against withdrawing their funds. 

The Singapore Police department has alarmed investors about the above threat. The cops reported – “the site is likely a phishing website for collecting login credentials.”

Once FTX was considered one of the largest crypto exchanges, it filed for bankruptcy under Chapter 11, leaving an estimated 1 million plus customers and investors to mourn the loss of their hard-earned money. Billions of dollars are wiped out of the entire crypto market. 

Also, many fake articles promoting crypto auto-trading platforms to the public are found. After that, if someone gets interested, the bad actors contact them on call forcing the victims to invest. Such articles have also used the name of Singapore’s politicians, for example, Speaker of Parliament Tan Chuan-jin. The police claim such articles as clickbait and the articles seem lucrative for earning quick money with no risk.

Among firms that massively invested millions of dollars in FTX are Japanese conglomerate Softbank, Venture Capitalist Sequoia Capital and Singapore-based investment firm Temasek. Temasek invested $210 million and $65 million in FTX International and FTX US, respectively.

Regulations Amid Crypto Downturns 

Following ‘Black Swan’ as Luna Terra collapsed, which shocked the foundations of the entire crypto market. The loss incurred in it was almost $300 billion. Then, it alarmed authorities of an urgent need for global regulations over the crypto industry. 

In June, Sopnendu Mohanty, Chief fintech officer of the Monetary Authority of Singapore (MAS), said- “After recent events, from the Terra-Luna crash, to 3AC, and also the Hodlnaut exchange collapse, I expect we will see more such measures, aimed at further protecting consumers in the crypto asset market, in the future.”

In the battle between Hong Kong and Singapore, Singapore has strongly represented itself as the strong leader in cryptocurrency and Web3 space. But the nation strives for strict regulations over retail trading and self-hosted wallets. 

As per the media reports, the CEO of Coinbase, Brian Armstrong, criticizes Singapore over tightening crypto regulation. He stated that if the country doesn’t agree upon crypto trading and others aspects emerging aspects of crypto industry, it can not become the Asian hub for Web3 and cryptocurrency. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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