Scams abound in all the countries in the world and this time it was Singapore that was affected by this kind of problem. The Next Web’s Hard Fork has recently reported that Singaporeans have lost $78,000 USD in crypto investment scams in the last three months.

The authorities of the country have uncovered a huge wave of fake marketing campaigns for crypto and these scammers made citizens give them their money while pretending to be well-known celebrities of the country, something that is getting considerably more common as time passes.

With fake advertising and fake news, the scammers stole the ID of celebrities, which let them earn that much money in Bitcoin and other cryptocurrencies with their fake companies. People send their cash to the scams that were “endorsed” by the fake celebrities and then they gave people nothing in return later.

According to the reports of the police, people even received calls that were from fake representatives of the companies to make it look like the whole operation was legal.

The main problem that the police found out is that most of these scams came from outside of Singapore. This means that they are not under the local authority and are harder to curb.

As the law of Singapore has not regulated Bitcoin and other cryptos, even if the scams were from the country, they would not be easy to finish off as there is not a lot of safeguards for investors there.

New Zealand has also faced a wave of people impersonating the famous TV host Daniel Faitaua, which also turned out to be a big problem as people asked for money using his image. After the occasion, he went out to social media to explain that he never held any Bitcoin and that the reports were fake.

Only after his official statement, he was able to convince people that all the fake news about him were fake and the scammers stopped to receive money from unsuspecting victims.

Looks like impersonating celebrities is the new trick used by the scammers all over the world and, unfortunately, as long as there are gullible people who believe in the scams, the problems will continue.

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