The Monetary Authority of Singapore (MAS) has sent out a warning of large Bitcoin scam in the country

• Singapore’s central bank had to send out a warning to the general public regarding a crypto scam.  
• The reported scam asks users for deposits and it will automatically execute trades on behalf of the users.  

The Monetary Authority of Singapore (MAS), the apex bank of the country, sent out a warning to investors to be vigilant of a scam Bitcoin investment website. It is said to have been soliciting for funds from members of the public by using false statements purportedly made by Goh Chok Tong, the former Prime Minister of Singapore, are reported within an official   press release.

Scammers had been deceiving investors according to the   statement released by the MAS. They devised a new method of defrauding unsuspecting crypto investors in the region.  

The site promises that it will execute trades automatically on behalf of users who make an initial deposit of $250. Additionally, it   asks potential investors for their credit card and bank account details.  

The MSA reported:

 “The website’s write up about Bitcoins references statements purportedly made by ESM Goh which are either false or have been taken out of context and used in a misleading way,”