Well, it is able to target highly educated and tech-savvy Singaporean youngsters. And 70 per cent of the victims were women in the age group of 25 to 40 years. GASO, a volunteer organisation, said most of the victims of pig-butchering scams ended up emptying their savings account and many even ended up borrowing money to invest in the fake cryptocurrency schemes.
Now, Singaporean authorities seem rather worried. They are using technology to identify and warn potential victims. They are sending SMS advisories and police are also working with foreign law enforcement agencies. But you know fraudulent schemes are like.
Fraudsters end up looting people despite all possible administrative precautions. So, this is how dangerous relentless and careless investment in cryptocurrency can be. And this is why people at large need to control unbridled enthusiasm about cryptocurrency. Money loss can be terrible. It has the potential to drive you into a downward spiral, and it almost did in my situation. I had put my money into a platform, and everything appeared to be legitimate until it was too late for me to understand I had been duped.
For days, I was depressed until a buddy remarked that he had heard of a platform that could assist. My money was quickly recovered. You can contact me via email support reversalpro. Your email address will not be published. TFI Official Merchandise. Politics All Analysis Opinions Trending. All Business Economy1 Finance. All Defence Strategy Weaponry. All Culture History Indology. Share on Facebook Share on Twitter. Share Tweet Send. Comments 1 Sean Comley says:. Leave a Reply Cancel reply Your email address will not be published.
Most Read Comments Latest. T-Series has a bad day in office 25 June A Jain responds to Meat Ban in Mumbai. Members of the public are reminded that Bitcoin and other forms of cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any assets or issuer. As in most jurisdictions, MAS does not regulate cryptocurrencies. As such, there is no regulatory safeguards for investment in them and investors in. Members of the public are strongly advised to remember the following before making any investment:.
If it sounds too good to be true, it probably is. Anyone with information on fraudulent activities taking place can call the Police Hotline at , or submit it online at www. To seek scam-related advice, please call the anti-scam helpline at or go to www. Help spread the word and share this advisory with family and friends to prevent them from being the next scam victim.
The fraudsters behind this scheme have created dozens of fake websites using the same template without even bothering to slightly change the contents of the articles, except for the names being used for fake endorsements. To attract users to their shady websites, they use ad networks and exchanges.
In many cases, users are being redirected to these resources, for example, after visiting a website with specific advertisement. With the help of the Graph Network Analysis tool built into its Threat Intelligence system, Group-IB has so far identified 18 connected infringing domains targeting Singaporeans by analyzing its contents, domain names, visuals, registration dates and other parameters. All these domains were registered over the past two years.
The research continues. It goes without saying that web resources requesting personal or payment data should always raise concern. Group-IB is one of the leading providers of solutions dedicated to detecting and preventing cyberattacks, identifying online fraud, investigation of high-tech crimes and intellectual property protection, headquartered in Singapore.
While online users should always stay vigilant and follow basic cyber hygiene, brand owners should remember: unhappy customers and fans act fast. Even after one negative experience, many customers are likely to lose trust and abandon a brand. But possession is ten-tenths of the law when it comes to crypto and whoever possesses the hashtag holds the power. Additionally, scammers prey on the prospects of large profits and offer fake NFTs to prospective buyers.
NFT scams are on the rise — only purchase them through legitimate channels and always use two-factor authentication when available. Ah, the classic pump and dump. Like penny stocks, altcoins are often cheap and illiquid, with market caps small enough that a few large players can send the price soaring. The crypto pump and dump goes down just like its penny stock cousin — a crypto guru or influencer buys up large amounts of some speculative altcoin and then pumps up the potential of that coin to their followers.
Once the crowd piles in, the scammer exits the position and the unsuspecting followers are left holding the bag. And since these transactions are irreversible, victims have no recourse. Luckily, viruses and malware are well-known and virus detection software can prevent most attacks. Again, always protect your wallets and apps with two-factor authentication. Investors poured millions into the exchange because the promises of profit were so great. In reality, they were simply stealing money from their clients.
South Korean authorities eventually shut down the unethical exchange, but not before investors lost millions upon millions in capital. A popular Bitcoin scam involves fake mining hardware, which is often expensive and difficult to find. Mining Bitcoin requires tremendous energy and computational power, so prospective miners often jump at the chance for cheap equipment. But after purchasing a supposedly state-of-the-art Bitcoin mining machine, the buyer often finds the power and efficiency have been vastly overstated — if the darn thing even works at all.
Be cautious of anyone offering cheap mining equipment on eBay or Amazon. Choosing a reputable broker for cryptocurrency trading will offer more security and peace of mind over your investments. Here are a few of our favorites. Webull, founded in , is a mobile app-based brokerage that features commission-free stock and exchange-traded fund ETF trading.
Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Founded in , Exodus is a multiasset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone.
Available for desktop and mobile, Exodus allows users to secure, manage and exchange cryptocurrencies like Bitcoin BTC , Ethereum ETH and more across an industry-leading 10,plus asset pairs from a beautiful, easy-to-use wallet.
Exodus is on a mission to empower half the world to exit the traditional finance system by Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features. Gemini is a cryptocurrency exchange and custodian that offers investors access to over coins and tokens.
Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x. Gemini is 1 of the only brokers with multiple platform options based on skill level.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality. As long as the price of Bitcoin keeps rising, scammers will keep trying to pry it from victims.
Cryptocurrency investing is likely here to stay, so scammers will always be on the lookout for the next mark. Yes, Bitcoin is safe to own and trade on trusted exchanges and brokers. Bitcoin is a digital currency paid as a reward to miners who approve transactions on the blockchain. Bitcoin can be exchanged for U. Bitcoin transfers cannot be reversed and the scammer is often long gone by the time any intervention comes.
The Bitcoin network is decentralized and holdings are not insured by any regulatory body. Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose. Want to advertise with us? Send us a message.
Scams and Controversies. Best For Low Minimums. Overall Rating. Read Review. Webull is widely considered one of the best Robinhood alternatives. Best For Active traders Intermediate traders.