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Cryptocurrency

Bitcoin machine scam in Singapore

Redwan Eid | Apr. 29, 2019
Bitcoin machine scam in Singapore

April 29, 2019 | AtoZ Markets -A man in Singapore fell for a bitcoin machine scam advertisement, transferring $734 USD worth of bitcoin to fraudsters impersonating official personalities, as media outlets recently reported.

The reports detailed that a man aged 49 years was seen tearing down posters near a bitcoin machine at the Tampines One Mall in the country.

As people in the place watched that, they called the police to report the vandalism. However, the extended police investigations on the posters unveiled that they were mere scam advertisements to rip off people’s cryptocurrencies.

The 49-years-old man narrated to the authorities that he called the phone number the poster referred to as a “bitcoin alert from the authorities”.

Those who answered the man claimed to be officials from the Chinese authorities. They then told the caller he was under investigation for a transnational crime, requesting him to transfer a total of $1,000 ($734 USD) worth of bitcoin to their wallets on, the thing the victim did.

Another man at the age of 32 was about to be their following victim unless the police stopped him from doing as they were watching the area around.

The police warned against bitcoin scammers

“Do not fall for scammers who impersonate officials from China and ask victims to transfer money using bitcoin machines.”, warned the Singaporean police on Saturday, as per resources, explaining that “No government agency in Singapore will demand payment over the telephone or other social messaging platforms, such as WeChat or Facebook, or demand that you surrender cash to unnamed people. They would also not ask for personal banking information, such as your Internet banking passwords.”

Not far from that, the Singaporean government had warned last January or trick that was promoting for the idea that the country would officially adopt a cryptocurrency.

In a similar news, the country suffered least year a loss of $78,000 worth of cryptocurrencies investors residing in Singapore paid to scammers in a similar context within a period of two months only, between September and November.

Early this month, Singapore was said to be preparing for hosting the Blockchain Life 2019.

The event is an international forum that will bring together more than 3000 participants from 70+ countries, ranging between founders of top blockchain and crypto companies, investors, developers, crypto traders, CEOs of projects, entrepreneurs and businessmen.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.