Posted on

Bitcoin Scams: Singaporeans Losing Thousands of Dollars to Crypto Fraudsters

Singapore authorities recent report that residents have lost about $78,000 to fraudulent online platforms in three months.

Online Cryptocurrency Scam Using Fake Personalities

The Straits Times reports that Singapore residents have fallen victim to some online Bitcoin scams in a couple of months, losing up to $78,000 between September and November 2018. The police claimed that unsuspecting Singaporeans were the target of these investment scams.

The authorities stated that these scams came in the form on paid online ads and had pictures of famous Singaporean celebrities/personalities. These personalities are portrayed as endorsing the use of virtual currency such as Bitcoin and how they have profited by investing in cryptocurrency.

Unsuspecting Singapore investors who can’t see right through the faux go ahead to click on the suspicious links and further directed to another website. The new website would then show investments in digital currency. The scam sites always have a “representative” who contacts victims that provide personal details on their websites.

According to the police, these online cryptocurrency scam sites are foreign and do not have permission from the Monetary Authority of Singapore (MAS). Victims and their investments at risk and fraudulent sites cannot be traced or verified. Investors would also have a hard time laying a complaint against such fraudulent schemes.

Authorities further stated that there was no regulatory framework for virtual currency and as such, no protection exists for investor funds. However, the police gave out its hotline and website for Singapore residents to contact, if they suspect online platforms of scam.

Cryptocurrency Scammers Use Online Platforms to Swindle Investors

Online cryptocurrency scammers using images of prominent personalities and celebrities, is nothing new. Most of these fraudulent websites and online platforms use these images, going as far as claiming that these personalities are cashing out big on Bitcoin investment. The investor who can’t tell its all fake, end up as victims.

The Singapore authorities back in September warned its citizens against two fake virtual currency websites showcasing the Prime Minister and his deputy. The internet scammers used both government officials to get Bitcoin investments from unsuspecting victims.

Also, Twitter has become a den for digital currency fraudsters who hack into accounts of personalities and announce elaborate giveaways. Well-known Tesla CEO, Elon Musk, is a victim of impersonation by cryptocurrency scammers on Twitter.

Recently, a group of hackers breached Twitter accounts of two British outlets and changed the profile picture and name to Elon Musk. The scammers further stated via tweets that “Elon Musk” was giving away 10,000 Bitcoin (BTC).

Furthermore, fraudsters hacked Twitter accounts belonging to Target and Google’s G Suite. For Target’s, scammers announced a 5,000 BTC while G Suite hackers tweeted a 10,000 BTC giveaway to all community.

Image courtesy of Shutterstock.

The post Bitcoin Scams: Singaporeans Losing Thousands of Dollars to Crypto Fraudsters appeared first on Ethereum World News.

Posted on

Bitcoin Scams: Singaporeans Losing Thousands of Dollars to Crypto Fraudsters

Singapore authorities recent report that residents have lost about $78,000 to fraudulent online platforms in three months.

Online Cryptocurrency Scam Using Fake Personalities

The Straits Times reports that Singapore residents have fallen victim to some online Bitcoin scams in a couple of months, losing up to $78,000 between September and November 2018. The police claimed that unsuspecting Singaporeans were the target of these investment scams.

The authorities stated that these scams came in the form on paid online ads and had pictures of famous Singaporean celebrities/personalities. These personalities are portrayed as endorsing the use of virtual currency such as Bitcoin and how they have profited by investing in cryptocurrency.

Unsuspecting Singapore investors who can’t see right through the faux go ahead to click on the suspicious links and further directed to another website. The new website would then show investments in digital currency. The scam sites always have a “representative” who contacts victims that provide personal details on their websites.

According to the police, these online cryptocurrency scam sites are foreign and do not have permission from the Monetary Authority of Singapore (MAS). Victims and their investments at risk and fraudulent sites cannot be traced or verified. Investors would also have a hard time laying a complaint against such fraudulent schemes.

Authorities further stated that there was no regulatory framework for virtual currency and as such, no protection exists for investor funds. However, the police gave out its hotline and website for Singapore residents to contact, if they suspect online platforms of scam.

Cryptocurrency Scammers Use Online Platforms to Swindle Investors

Online cryptocurrency scammers using images of prominent personalities and celebrities, is nothing new. Most of these fraudulent websites and online platforms use these images, going as far as claiming that these personalities are cashing out big on Bitcoin investment. The investor who can’t tell its all fake, end up as victims.

The Singapore authorities back in September warned its citizens against two fake virtual currency websites showcasing the Prime Minister and his deputy. The internet scammers used both government officials to get Bitcoin investments from unsuspecting victims.

Also, Twitter has become a den for digital currency fraudsters who hack into accounts of personalities and announce elaborate giveaways. Well-known Tesla CEO, Elon Musk, is a victim of impersonation by cryptocurrency scammers on Twitter.

Recently, a group of hackers breached Twitter accounts of two British outlets and changed the profile picture and name to Elon Musk. The scammers further stated via tweets that “Elon Musk” was giving away 10,000 Bitcoin (BTC).

Furthermore, fraudsters hacked Twitter accounts belonging to Target and Google’s G Suite. For Target’s, scammers announced a 5,000 BTC while G Suite hackers tweeted a 10,000 BTC giveaway to all community.

Image courtesy of Shutterstock.

The post Bitcoin Scams: Singaporeans Losing Thousands of Dollars to Crypto Fraudsters appeared first on Ethereum World News.

Posted on

Bitcoin Trader Pleads Guilty to Securities Fraud, Faces 20 Years in Prison

Joe E. Montroll of Saginaw Texas is facing up to 20 years in prison after admitting to lying to investigators about his role in the theft of Bitcoins deposited by customers of his platform. 2018 has seen a raft of arrests and convictions in the cryptocurrency space as law enforcement, and financial regulators work hard to sanitize the industry.

Platform Owner Stole Bitcoin Belonging to Investors

Before his arrest, Montroll operated a pair of Bitcoin and cryptocurrency business – WeExchange and BitFunder. WeExchange was a Bitcoin depository and currency trading service while BitFunder was a platform that enabled customers to buy and trade tokenized shares listed on the service.

When the going was good, Montroll allegedly took illegal possession of customer Bitcoin deposits to fund his lavish lifestyle. Prosecutors on the case say he converted some of the Bitcoins invested by customers into U.S. dollars. He then spent the money on exotic vacations, grocery shopping as well as various personal expenses.

Another Mt. Gox-esque Swindle

It all went bad for Montroll when BitFunder suffered a cyber-attack in 2013. Suspected hackers took advantage of loopholes in the platform’s security to siphon more than 6,000 BTC. Montroll was suddenly in a position where he didn’t have enough to cover the stolen funds just like with Mt. Gox, the popular defunct Bitcoin exchange.

Instead of coming out clean to his customers, Montroll perpetrated a ruse that portrayed the platform as still being solvent. He continued to promote BitFunder and was able to raise an additional 978 BTC.

During the hack investigation, Montroll is accused of sending fake screenshots to investigators showing non-existent Bitcoin holdings. By lying to investigators, Montroll put himself at risk of obstruction charges being brought up against him.

On Monday, Montroll pleaded guilty before U.S. Magistrate Judge James L. Cott on charges of securities fraud and obstruction of justice. He faces up to 20 years in prison.

What do you think about Montroll’s fate? Let us know your thoughts in the comment section below.

loading…