Singapore releases a warning to its residents against crypto platforms

Singapore Prime Minister warns the residents to beware of crypto platforms' functioning.
  • Singapore’s Prime Minister recently released a statement urging its citizens to indulge in crypto trading with proper precautions 
  • He further asked one of these crypto platforms to take off his name and photograph from their website
  • A top Singapore daily spotted what looked like the Prime Minister’s profile on the platform of BitClout

Singapore’s citizens receive a warning against crypto trading

Lee Hsien Loong, Singapore’s Prime Minister, recently released a statement; urging its citizens to take crypto trading seriously with proper precautions. He further asked one of these crypto platforms to take off his name and photograph from their website, which Lee asserted they were using without his authorization.

The Prime Minister stated that the authorities would not offer any help to protect them; if they indulge in dealings with institutions that are not managed by the country’s monetary system. He explained that the citizens need to ensure the platform’s authenticity and legitimacy before they choose to make any investment. It is essential not to end up falling prey to the scams.

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Through his Facebook account late on Friday, Lee, without revealing the name of BitClout (the platform that used his credentials), posted that the creators of the website are anonymous. Still, he has tweeted publicly to implement the removal of his name and photo from the site immediately. He added that he holds no association with the platform. Thus, the details on the website are misleading.

The controversial case of BitClout’s profile listings

A top Singapore daily, The Straits Times, was the one to spot what looked like the Prime Minister’s profile on the platform of BitClout on Wednesday. The new portal sent a query to his office the following day. According to The Straits Times report, the platform holds a list of several profiles, and Lee’s profile was one of them, along with renowned names like the national carrier Singapore Airlines and the Olympics.

BitClout represents a new type of blockchain that owns a native cryptocurrency. It is a platform that facilitates users with the provision to trade in creator coins that are associated with influential Twitter profiles. Users can purchase the BitClout cryptocurrency with Bitcoin to participate in such trading activities.

A BitClout decoder report found on the portal stated that the profiles for the leading 15,000 influencers from Twitter stand pre-loaded into the system. This implies that they can begin trading their coins even though they’re not officially members of the platform yet. This means users can trade coins labeled to these Twitter accounts.

The value of each coin surges when people buy and plunges when people sell it. The profile’s activity and online popularity also affect the value significantly.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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