Crypto scams have plagued the cryptocurrency market for quite some time. Singaporeans have not been an exceptional case. In the last 90 days, close to 80,000 U.S dollars has been fished out of Singaporeans through crypto scams.

This was brought to light by security authorities who have been closely following dubious cryptocurrency advertisements.

As noted by TNW, the crypto scams lured the public by falsely claiming the involvement of popular people in the country with the most used being media personalities. In some of the articles used by the scammers, celebrities are depicted having made massive returns after investing with the said companies. Unsuspecting Singaporeans believed the false articles and sent money to the companies. Unfortunately, no returns ever came their way.

According to police records, those who fell for the scam indicated that they ‘received calls from supposed representatives.’

“These schemes originate from countries outside of Singapore. This, unfortunately, means they are not subject to the authority of Singapore’s top financial watchdogs. But even if these businesses were locally based, those regulators wouldn’t be capable of doing anything at all. Singapore’s government does not actively regulate cryptocurrency,” noted TNW

With the country’s government not actively involved in regulating the cryptocurrency space, there is a likelihood of not having measures to protect those investing in cryptos in the country.

Apart from Singapore, crypto scams recently hit New Zealand where Daniel Faitaua, a television host, was falsely used in articles promoting unrealistic crypto returns. The situation even necessitated Faitaua to publicly declare that he is not affiliated with the company in question.

“Well, that’s a lie. It is fake news, and whatever you call it – it’s not true. It is a scam…I have never invested in Bitcoin, and therefore I never made the profits they said I did,” said David.

Do you think crypto scams will be on the rise as more people invest in cryptocurrencies?

Let us know your thoughts in the comments section below.