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MAS warns about second fraudulent website soliciting Bitcoin investments

THE Monetary Authority of Singapore (MAS) has warned about a second fraudulent website that has been soliciting investments in Bitcoins, using fabricated comments attributed to MAS chairman and deputy prime minister, Tharman Shanmugaratnam.

In a statement issued on Wednesday, MAS reminded members of the public to exercise extreme caution when dealing with suchwebsites, and to avoid providing any financial or personal information on the forms linked from the websites. "Cases of fraudulent investments and other forms of unlawful activities should be referred to the Police," MAS added.

This comes after MAS issued a statement on Tuesday about another fraudulent website that similarly has been soliciting investments in Bitcoins using fabricated comments attributed to Mr Shanmugaratnam. According to the MAS, that website’s article on Bitcoins is highly deceptive and misleading. The site asks readers to sign up for a Bitcoin account and requests for credit card or bank account details.

Putting money in cryptocurrencies such as Bitcoins is highly risky. MAS had issued an advisory on Dec 19, 2017 to warn the public of the risks of cryptocurrency investments.

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