Singapore police have warned investors to beware of fake websites that claim they can help them with the budget of the now-bankrupt FTX cryptocurrency exchange.
On Nov. 19, police issued a warning about a claim to be housed through the U. S. Department of Justice. The U. S. Department of Health and Prevention invites FTX users to log in with their account credentials, local news firm Channel News Asia reported. TheArray, which has not been identified, is targeting local investors. affected by the FTX crash, saying clients “could withdraw their budget after paying legal fees. “
Police said the online page is a phishing scam designed to trick unsuspecting users into revealing their personal information.
The local government has also warned that it opposes fake online items selling automatic cryptocurrency trading systems in the country, which appear to have proliferated recently. These articles feature prominent Singaporean politicians, such as Parliament Speaker Tan Chuan-jin.
Related: Mega-rich Hong Kong and Singapore consider crypto investments: KPMG
While this is the first time Singapore police have issued public warnings against crypto scams, recent advances in the industry have made investors more vulnerable to attacks. An estimated one million investors and creditors were affected by FTX’s bankruptcy. Collectively, they face billions in losses.
Despite presenting itself as a hub for cryptocurrency and Web3 innovation, Singapore has enforced stricter regulations related to retail and self-hosted wallets. The city-state has warned investors that virtual assets are highly speculative and has even banned crypto advertising on social media.
However, several cryptocurrencies have been implemented for licensing in the city-state, and stablecoin issuers Circle Internet Financial and Paxos recently obtained approvals from the Monetary Authority of Singapore.