After PM falls prey to scammers , Singapore authority issues crypto warning

After PM falls prey to scammers Singapore authority issues crypto warning

After the Prime Minister was caught up in a fake scam, the Monetary Authority of Singapore has issued a warning to crypto investors.

The dangers of engaging in a volatile market such as Bitcoin and cryptocurrency has been x-rayed by the Singapore officials.

The Prime Minister of Singapore, Lee Hsien Loong has himself impersonated by a user on the Bitclout social token platform and used the name of the Prime Minister’s name to sell tokens that is valued at $10,000 and which prompted the Singapore to issue the warning

On April 6, the chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, warned of the inherent risks involved in speculating in the cryptocurrency space, asserting that their value was not tied to any underlying fundamentals. Shanmugaratnam said retail investors should stay away.

“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are hence highly risky as investment products, and certainly not suitable for retail investors,” said Shanmugaratnam, as reported by BNN Bloomberg.

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