Singapore authorities send a crypto alert after a prime minister fell victim to scammers.

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The Singapore Monetary Authority has released an alert to cryptocurrency buyers after the state’s prime minister became unintentionally involved in a fraudulent token fraud.

Singapore officials have released an alert to would-be Bitcoin (BTC) and cryptocurrencies buyers about the risks of investing in such a competitive sector.

Notably, the notice comes just 48 hours after Singapore Prime Minister Lee Hsien Loong’s likeness was appropriated by a user on the BitClout social token website, who used the PM’s name to sell tokens worth nearly $10,000.

On Tuesday, Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore, warned of the potential dangers of speculating in cryptocurrencies, claiming that their worth was unrelated to any underlying fundamentals. Retail investors, according to Shanmugaratnam, should avoid the stock.

“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are hence highly risky as investment products, and certainly not suitable for retail investors,” said Shanmugaratnam, as reported by BNN Bloomberg.

Singaporean Prime Minister Loong had previously warned people to be cautious when it comes to cryptocurrency investment after tokens bearing his image, likeness, and social media profile were minted.

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Bitcoin’s 1,000% increase in the last year has prompted various government alerts, including those provided by Loong and Shanmugaratnam. Bitcoin and cryptocurrencies in general are pushing regulators to take note when their the market capitalizations lift them out of the category of “fringe asset” and legitimise them in the minds of investors.

Shanmugaratnam stated that the MAS will continue to closely track cryptocurrency trends and will strive to maintain the regulatory pace as technical innovation continues.

“The crypto assets demand is rapidly changing. “MAS has been closely watching developments and will continue to change its rules as appropriate to insure that regulation remains functional and proportionate to the risks posed,” Shanmugaratnam said. “Investors, for their part, should exchange cryptocurrencies with severe caution,” he said.

 

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