Police in Singapore Warn Investors About FTX Phishing Attacks

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Last Updated on November 20, 2022 by Bitfinsider

The Singapore Police Force has urged investors to be wary of bogus websites that promise to be able to assist them in recovering monies from the now-defunct cryptocurrency exchange FTX.

Channel News Asia reported on November 19 that the police issued a warning about a website claiming to be hosted by the United States Department of Justice and requiring FTX users to log in using their account credentials. The unidentified website targets local investors concerned by the fall of the FTX, saying that clients can “withdraw their funds after paying legal expenses.”

The website, according to the authorities, was a phishing scheme aimed to trick naïve users into divulging their personal information.

Local authorities have also issued a warning about the proliferation of bogus web articles promoting cryptocurrency auto trading schemes in the country. These articles frequently feature notable Singaporean politicians, such as the speaker of parliament, Tan Chuan-jin.

Although this is not the first time Singapore’s authorities have issued public warnings about crypto frauds, recent sector changes have made investors more susceptible to attacks. The bankruptcy of FTX has affected around one million investors and creditors. They collectively face billions of dollars in losses.

Singapore has pursued stronger rules on retail trade and self-hosted wallets despite portraying itself as a center for cryptocurrency and Web3 innovation. The city-state has repeatedly cautioned investors that digital assets are highly speculative and has even outlawed crypto-related social media advertising.

Despite this, a number of crypto companies have requested for licenses in the city-state, with stablecoin issuers Circle Internet Financial and Paxos receiving permits from the Monetary Authority of Singapore.

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