Singapore Police Warn of FTX Phishing Scams

The Singapore Police have reminded investors to be wary of websites that falsely claim they can help them recover assets from the FTX cryptocurrency exchange, which has now shut down.

Local news source Channel News Asia stated that on November 19, police issued a warning about a website claiming to be operated by the United States Department of Justice and prompting FTX users to register with the credentials of your account.

Clients of the website, which has not been named, are led to believe that they “could withdraw their assets after paying legal fees.” The website is aimed at local investors who have been negatively affected by the FTX crash.

Authorities said the website was a phishing scam that was meant to trick people who were naive in the scheme into divulging their personal information.

Fake online articles offering automatic cryptocurrency trading schemes in the nation seem to have flourished of late; therefore, local authorities have issued a warning to citizens to be careful with such content while browsing the Internet.

These articles often feature famous Singaporean politicians, such as Tan Chuan-jin, who is the speaker of the Singapore parliament.

While this is not the first time Singapore police have issued public warnings against crypto fraud, new developments in the market have left investors more susceptible to attacks than before.

One million creditors and investors are expected to have been adversely affected as a result of the FTX bankruptcy.

They could potentially lose billions of dollars as a group.

The city-state has issued several warnings to investors that digital assets are highly volatile and has even banned the promotion of cryptocurrencies on social media platforms.