Crypto staking may look and smell like bank deposits, but aren’t worth the risk

CHUNG Khiaw Bank’s Geylang branch stayed open until shortly before 10.30 pm on Oct 3, 1974, hours after they were supposed to have closed, The Straits Times reported.

The branch’s bank manager had requisitioned S$3 million, delivered at about 8 pm in a Cisco van, to pay the long line of customers outside who wanted to withdraw their money.

Rumours about the UOB member’s financial health led throngs of small depositors to make withdrawals at the banks’ branches, with the volume of withdrawals only tapering after the Monetary Authority of Singapore (MAS) assured the public that the bank’s deposits were “safe and well protected”.