The Monetary Authority of Singapore (MAS) is warning of a fraudulent website using fabricated comments from Deputy Prime Minister Tharman Shanmugaratnam to solicit bitcoin investments.  In fact, the article is considered “highly deceptive and misleading.”

“The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore,” they note.

As a result, the MAS reminds the public to exercise “extreme caution” when dealing with such websites and avoid providing any financial or personal information.

The News

Gulf Weed Crab and Positive Bath Hour are websites that feature hoax news stories on random topics.

In recent weeks, the websites claimed that Shanmugaratnam supports and leads a state-sponsored $1 billion investment in Bitcoin (BTC).

Fore example, the headline in Gulf Weed Crab’s article read, “Tharman Shanmugaratnam Invests $1 Billion for All Singapore Residents.”

In addition, Positive Bath Hour reportedly ran a headline including misleading information about a “hi-tech” digital investment.

The Views of The MAS

However, the Monetary Authority of Singapore (MAS) commented on the issue and distanced itself from the erroneous and fake statements.

In fact, the MAS said that the Gulf Weed Crab article’s content was fake.

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

Singapore and Cryptocurrencies

Meanwhile, Singapore continues to adopt a permissive yet far-sighted and prudent stance on cryptocurrency.

The MAS and the senior politicians noted that they are monitoring the space.

In addition, they will consider applying stricter regulation if the need arises. This is essential for consumer protection.

 

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