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

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

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
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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, names of high-profile figures being used to trick people. Subscribe