Media Releases
Published Date: 31 July 2019

Warning on Fraudulent Website Soliciting Bitcoin Investments

Singapore, 31 July 2019… It has come to the attention of the Monetary Authority of Singapore (MAS) that a website has been soliciting investments in Bitcoins by using fabricated comments attributed to Emeritus Senior Minister Goh Chok TongESM Goh is Senior Advisor to MAS.

The website’s article on Bitcoins references statements purportedly made by ESM Goh which are either false or have been taken out of context and used in a misleading way. The site asks readers to make a minimum initial deposit of $250 into a purported trading platform, Bitcoin Loophole, which would automatically initiate trades on one’s behalf. It also requests for credit card or bank account details.

Members of the public are advised to exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website. Anyone who suspects that an investment could be fraudulent or misused for other unlawful activities should report such cases to the Police.

In the past year, there have been websites fraudulently using the names and photographs of Ministers and other prominent public personalities to solicit Bitcoin investments. Please refer to earlier advisories issued by MAS on 29 January 2019, 19 September 2018 and 18 September 2018.  

For more information on cryptocurrencies and cryptocurrency investments, please refer to MoneySense’s consumer alerts .