The crypto market continues to rally, and as a result, drawing in lots of scammers. This is quite natural for all lucrative markets. In the latest crypto scams, the likeness of Singapore’s prime minister was used to scam investors of more than $10k. This was done using the BitClout social token platform.
This move prompted the Singapore Monetary Authority to warn investors of the dangers of investing in cryptocurrencies. Through its chairman Tharman Shanmugaratman, the authority warned investors that there were risks inherent in crypto speculation. He added that cryptocurrencies were not backed by any economic fundamentals and that it would be best if retail investors stayed away from them. He said this while talking to BNN Bloomberg, Shanmugaratman.
These sentiments echo those made by the country’s Prime Minister a few days earlier. The PM stated that there was a need to stay vigilant when it came to making crypto investments. They are also echoed by other regulators who are now moving with speed to regulate the markets.
In Singapore, the Monetary Authority has stated that it would be watching the crypto market closely and making regulations that are closely moving in tandem with the tech development in the crypto sphere. The chairman added that they would strive to keep pace in tandem with the risks.
Nonetheless, the market continues to grow in strength despite all the risks. Bitcoin is holding firm in the $59k to $60k range, and most altcoins have retested and surpassed their all-time highs.