Monetary Authority of Singapore Issues Another Warning Regarding Bogus Websites Promoting Cryptocurrency Investments

The Monetary Authority of Singapore (MAS) has issued another warning regarding bogus websites promoting fraudulent cryptocurrency investments that are claimed to be supported by the government of Singapore. MAS provided a single example of a fabricated CNBC site that prominently states:

“Singapore Officially Backs a Cryptocurrency and Establishes it as their Official Coin.”

The fake news site continues to promote “May Code Trader Group” that has been “appointed exclusively to market this cryptocurrency.” The site requests personal and financial details to purchase the crypto.

This is not the first time a crypto scam has attempted to fleece unsuspecting consumers as fraudulent websites promoting crypto schemes are rampant. Most fake sites lack any semblance of sophistication and are amateurish in appearance.

MAS notes once again that putting money in cryptocurrencies or digital tokens is highly risky. The Authority asks that members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the Police.

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