Crypto friendly Singapore

LATOKEN: Singapore PM advises subscribers to “stay vigilant” on cryptocurrency after a scam

LATOKEN specialists know by themselves that those who deal with cryptocurrency often face fraud and scams. Lee Hsien Loong, Prime Minister of Singapore, claims that someone created a profile on the BitClout social token platform to sell tokens using information from his Twitter account.

On Facebook, Loong urged Singaporeans to “remain vigilant when dealing with cryptocurrency platforms.” He said that someone had used BitClout to create one of the platform’s creator’s coins, using his name, Twitter bio and photo. According to the screenshot Loong posted, there were 27,4088 of his tokens with a market cap of over $9,800, with at least one user holding $4,77.

Loong’s account has since been removed but could have been added to the platform at launch. According to BitClout, the site has pre-loaded 15,000 of Twitter’s top influencers — purportedly based on number of followers — allowing users to “buy and sell their coins, even if they’re not already on the platform. ”The Prime Minister of Singapore has over 792,000 followers.

However, it looks like the numbers behind BitClout accounts shouldn’t have to reserve their profiles to start buying and selling tokens. Tesla CEO Elon Musk’s BitClout profile shows that he hasn’t officially joined the platform, but many users currently hold his tokens worth $89,379.39 each at the time of posting. When creators activate their accounts by tweeting their BitClout address, they have the right to claim a certain amount of their own tokens.

The Prime Minister’s warning was addressed to his 1.6 million Facebook followers in addition to his Twitter followers, but purportedly targeted all 5.7 million people living in Singapore. Loong seemed to imply that investing in the cryptocurrency platform was akin to falling victim to a scam, and encouraged users to only deal with companies regulated by the Monetary Authority of Singapore.

BitClout has also caught the attention of American actress Pamela Anderson, who is handing out signed copies of the cover of her latest Playboy magazine to the three largest Creator Coin holders. Anderson’s token is currently valued at $6,749.89 with a market cap of over  800,000.


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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.