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Singapore PM Alerts Citizens On Cryptocurrency Platforms


cryptoknowmics.com 05 April 2021 06:43, UTC
Reading time: ~2 m

Singapore PM, Lee Hsien Loong claims that one of the cryptocurrency platforms BitClout set up a profile with his name and photo to sell tokens using the information from his Twitter account. He claims that his data was put on the site without his permission. Loong seemed to imply that crypto investors can fall prey to scams and encouraged users to only deal with companies regulated by the Monetary Authority of Singapore.

BitClout Platform Listed Profile of Singapore PM Without Consent

In a Facebook post on April 2, Prime Minister of Singapore, Lee Hsien Loong urged the citizens “to remain vigilant when dealing with cryptocurrency platforms.”

One such platform even used his name and photo without his permission to sell tokens, saying:

“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency.”

As per the screenshot Loong posted, there were 27.4088 of his tokens with a market capitalization of more than $9,800, with at least one user holding $4.77 worth.

Loong, without naming BitClout, said:

“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.”

Loong’s account has since been removed but could have been added to the platform at the time of launch.

Cryptocurrency Platforms are Being Regulated by Singapore Government

BitClout is a new blockchain platform having its own native cryptocurrency that allows users to buy and sell creator coins tagged to influential Twitter profiles.

The platform has already pre-loaded the top 15,000 Twitter influencers based on the number of followers. The Singapore PM’s profile was listed on the platform, alongside Singapore Airlines and the Olympics.

The platform allows users to buy and sell their coins even though they’re not on the platform yet. This means people could trade the tokens tagged to these Twitter profiles regardless of whether they have actually signed up to BitClout or not. Users can buy the BitClout cryptocurrency with Bitcoin for trade.

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