Singapore police received 631 reports of crypto scams in 2021

- Advertisement -

Singapore restricts cryptocurrency advertising

The Singapore government has revealed the number of crypto scams reported to the police over the past three years. 

In a written response to a parliamentary question about crypto scams in Singapore, Home Affairs and Law Minister K. Shanmugam wrote:

In 2019, police received 125 reports related to cryptocurrency scams. This number increases to 397 in 2020 and 631 in 2021.

- Advertisement -

“The majority of crypto scams are carried out by scammers based outside of Singapore.” Minister Shanmugam added, further explaining:

Our ability to deal with these cases will depend on the degree of cooperation from law enforcement abroad, as well as our ability to track down these scammers. However, we have increased our investigative efforts.

The Singapore Police Force established a cryptocurrency task force in 2018, the minister noted.

Concluding, Minister Shanmugam emphasized:

However, the best defense is an informed public. To that end, we have ramped up community education efforts to educate the public about crypto-related scams.


See more:

Rate this post
- Advertisement -

COMMENT

Please enter your comment
Please enter your name here

This website uses Akismet to limit spam. Find out how your comments are approved.

Maybe you are interested

Most crypto scams are on the BNB chain

Cryptocurrency risk monitoring platform says it detected nearly 200.000 crypto rug pulls and...

Criminals Laundered US$4 Billion Through DEX

According to a research report by blockchain analytics firm Elliptic, criminals have been using decentralized exchanges...

Lazarus hacker tricked victims with job offers in the crypto industry

The notorious North Korean hackers known as the 'Lazarus Group' reappeared; This time targeting users...

South Korean government YouTube channel hacked to post cryptocurrency scam videos

Korean YouTube channels with millions of subscribers have caught the attention of money scammers...

Tornado Cash Developer's Wife Is Banned From Talking To Her Husband

Speaking to Cointelegraph, Ksenia Malik claims that the Dutch authorities are treating her husband as if he were…

Related posts

- Advertisement -