Singapore Authorities Caution Crypto Investors

The Monetary Authority of Singapore has warned crypto investors to be wary of new tokens and to do their research before investing. The warnings come after the Prime Minister of Singapore had his account created without permission on BitClout – a platform for social tokens.

Pre-Loaded Identity

Lee Hsien Loong – the Prime Minister of Singapore – issued a statement on social media informing people that he was not involved in any of this and does not endorse the platform. The creator coin using his likeness had used his profile picture and Twitter bio in order to create the token – rising at a market cap of over $9800.

I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency.

The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.

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Lee Hsien Loong, Prime Minister of Singapore

Although the Prime Minister’s account has since been taken off of BitClout, it appears that his account may have been pre-loaded by the platform, going by the number of Twitter followers that users have –  over 792,000, in Loong’s case.

The PM encouraged crypto investors to only deal with businesses regulated by the relevant Singaporean authorities in order to benefit from the protection of the applicable law.

Although Singapore is, overall, a country that is very welcoming to Blockchain – even collaborating with Australia on certain issues – the need for caution in an industry rife with investment opportunities will never diminish.