Singaporean authorities issued a cryptocurrency warning after the prime minister fell victim to cryptocurrency fraud.
According to Cointelegraph, a cryptocurrency media outlet on the 6th (local time), the Singaporean Monetary Authority (MAS) sent a warning to investors when the Singaporean Prime Minister (PM) was unwittingly caught up in fake token fraud.
Officials in Singapore have issued an announcement warning Bitcoin (BTC) and cryptocurrency investors of the risk of trading in these volatile markets.
The warning, in particular, came 48 hours after Singapore’s Prime Minister Lee Shen-Long sold about $10,000 worth of tokens by stealing his name from a user on the Bitcloud social token platform.
On the 6th (local time), Singapore’s monetary authority chairman Tarman Shanmugaratnam argued that the value of cryptocurrency was not related to any fundamentals, and warned of the inherent risks associated with speculation in the cryptocurrency space. Shanmugaratnam stressed that individual investors should stay away from cryptocurrencies.
As BNN Bloomberg reported, he said, “The value of cryptocurrencies can be highly volatile because they are generally not related to any economic fundamentals. These products are highly risky as investment products and are not suitable for individual investors. He warned.
Singapore’s Prime Minister Li Xianlong advised citizens not to be vigilant about cryptocurrency investment after he learned that a fake profile was created and even tokens were sold through his name and social media information a few days ago. Asked.
Meanwhile, Bitcoin’s 1,000% growth over the past year has elicited numerous government warnings, such as the one that Rong and Shanmugaratnam have been calling. As the level of the market capitalization of bitcoin and cryptocurrency has risen from the status of’non-mainstream assets’, it is justified according to the eyes of investors, and the supervisory authorities have no choice but to watch.
Shanmugaratnam added that the MAS will continue to closely monitor cryptocurrency development, and will try to maintain the pace of regulation as technological progress continues.