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Singapore Police Warn Investors Against FTX Phishing Scams

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Singapore Police Warn Investors Against FTX Phishing Scams

(CTN News) – Following the demise of cryptocurrency exchange FTX, investors who completely lost their investment are being cautioned to beware of false information and phoney websites that claim to be able to assist them in recovering their losses.

Over the weekend, Singapore authorities issued a warning on a website that claims to be able to assist FTX investors in recovering any lost cryptocurrency after the firm filed for bankruptcy.

On November 11, FTX failed and declared bankruptcy, and its creator Sam Bankman-Fried stepped down as CEO. The collapse resulted in the virtual evaporation of billions of dollars worth of cryptocurrency assets and the total financial ruin of nearly one million users.

Temasek, a Singaporean state investment company, was a significant stakeholder in FTX. Hence the Singaporean Police issued the warning.

Due to the FTX collapse, they have lost hundreds of millions of dollars. Sequoia Venture Capital and SoftBank, a Japanese company, have also done so.

Using official emblems, the phoney website pretends to be the US Department of Justice. It requests that users input their FTX account login information. Then it informs clients that they may withdraw their money into FTX if they pay legal costs.

The website is likely phishing for log-in and account data while also seeking to collect fees from users who believe it could rescue their cryptocurrency investment. The website has no affiliation with This or the Department of Justice.

Online publications spreading misleading information about cryptocurrency have also been proliferating like crazy. In many false publications, buying digital assets is presented as being very rewarding and risk-free. The demise of FTX serves as a clear demonstration that this is untrue.

Channel News Asia claims that authorities are issuing warnings regarding publications boasting endorsements from well-known, high-profile politicians in Singapore, such as the Speaker of Parliament and senior ministers. Of course, the recommendations are untrue.

Authorities advise individuals to use common sense caution by checking the legitimacy of firms promoting cryptocurrencies and thoroughly investigating any investments before making any.

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Coinbase Shares Drop as Bitcoin Slide Continues, Investors Fear Contagion from

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