, the police said 393 reports of cheating, fraud or other crimes related to investments in cryptocurrencies were made last year.
“These scammers and perpetrators play on a potential victim’s greed or need for cash or inability to resist making a quick buck, despite it seeming too good to be true, and impatience to gain the goodies,” he said. He added that diligence would include understanding how cryptocurrencies work, knowing the person or company offering the deal, and running checks on the seller’s legitimacy with the Monetary Authority of Singapore .
“Those who choose to trade in cryptocurrencies should therefore understand the significant risks they are taking on, and verify the credentials of the entities involved before dealing with them,” he said in response to Tanjong Pagar GRC MP Joan Pereira's questions on the measures to limit the exposure of retail investors to these highly risky products and how the Government will work with individuals and families to spot signs of distress by victims and assist them.