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MAS warns public of fake Bitcoin websites with fabricated comments by DPM Tharman

SINGAPORE — Two fake websites using fabricated comments attributed to Deputy Prime Minister Tharman Shanmugaratnam to solicit investments in Bitcoins have surfaced and the Monetary Authority of Singapore (MAS) has issued a public advisory, cautioning the public not to get duped.

A screenshot of the website featuring the fabricated comments by Deputy Prime Minister Tharman Shanmugaratnam.

A screenshot of the website featuring the fabricated comments by Deputy Prime Minister Tharman Shanmugaratnam.

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SINGAPORE — Two fake websites using fabricated comments attributed to Deputy Prime Minister Tharman Shanmugaratnam to solicit investments in Bitcoins have surfaced and the Monetary Authority of Singapore (MAS) is cautioning the public not to get duped.

The MAS said the articles on Bitcoins are "highly deceptive and misleading". "The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore," MAS said in a press release late on Tuesday (Sept 18).

A screenshot of one of the websites showed an article with the headline "Tharman Shanmugaratnam Invests $1 Billion for All Singapore Residents. Use HIS Method To Become Rich In Just 7 Days!"

Mr Tharman was also described as both a "deputy prime minister and venture capitalist".

The site then asked readers to sign up for a Bitcoin account and requested for credit card or bank account details.

On Wednesday evening, the central bank said in an updated statement that a second fraudulent website similarly using DPM Tharman's picture and fabricated quotes had surfaced.

"Members of the public should exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website," MAS said. 

The central bank added: "Putting money in cryptocurrencies such as Bitcoins is highly risky. MAS had issued an advisory on Dec 19, 2017 to warn the public of the risks of cryptocurrency investments." 

A cryptocurrency is a form of digital token secured by cryptography and usually used as a medium of exchange, a unit of account or a store of value. Some cryptocurrencies include Bitcoin, Ethereum and Litecoin.

Mr Tharman had also previously stated in a reply to a parliamentary question in February that "Singaporeans could lose their shirts when they invest money in cryptocurrencies". 

In its warning last December, the monetary authority reminded the public that cryptocurrencies are not legal tender. MAS stressed that they are not issued by any government and are not backed by any asset or issuer.

The central bank stressed there is no regulatory safeguard for investments in cryptocurrencies. "As in most jurisdictions, MAS does not regulate cryptocurrencies. Nor do MAS regulations extend to the safety and soundness of cryptocurrency intermediaries or the proper processing of cryptocurrency transactions," the authority said. Cryptocurrency investors who lose money will not be able to rely on any protection afforded under legislation administered by MAS.

The MAS advised members of the public who suspect that an investment could be fraudulent or misused for other unlawful activities to report such cases to the Police.

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