Scammers resort to fake news to bait victims, names of high-profile figures being used to trick people

A screenshot of a fake bitcoin site with bogus remarks attributed to Deputy Prime Minister Tharman Shanmugaratnam. Such false endorsements are typically the work of crime gangs, say bitcoin experts.
A screenshot of a fake bitcoin site with bogus remarks attributed to Deputy Prime Minister Tharman Shanmugaratnam. Such false endorsements are typically the work of crime gangs, say bitcoin experts.PHOTO: MONETARY AUTHORITY OF SINGAPORE

Names of high-profile figures being used to trick people to invest in dubious cryptocurrency

At first glance, it looked like any news article on the website of British newspaper The Mirror.

Under a picture of Singapore Prime Minister Lee Hsien Loong, the article quotes him on how extremely profitable investments in bitcoin, a form of electronic cash, can be. "Some literally hate me for investing in this!" Mr Lee is quoted as saying, with the headline blaring out how a $100 investment in 2010 would be worth $75 million.

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A version of this article appeared in the print edition of The Straits Times on October 01, 2018, with the headline 'Scammers resort to fake news to bait victims'. Print Edition | Subscribe