Last year, cryptocurrency scams in Singapore accounted for a quarter of the total loss from fraud, with the largest single case loss amounting to approximately 94 million USD

2025-03-06 10:06:11
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ChainCatcher news, according to the Straits Times, Singapore's Minister of State for Home Affairs Sun Xuelin stated that last year, cryptocurrency scams accounted for a quarter of the total losses from fraud. In the highest-value scam case last year, the victim clicked on a fake meeting link, downloaded and ran malicious code on their computer, resulting in a loss of approximately 125 million Singapore dollars.

Sun Xuelin mentioned that, in addition to malware, scammers also design fake websites, send phishing links, or use "pump and dump" tactics to inflate the prices of memecoins before causing them to plummet. "Our advice to the public is to stay away from cryptocurrencies. The risk of being 'burned' is very high, and if you become a victim of a scam, the chance of recovering even a cent is very slim."

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