Law Enforcement In Singapore Saves Victim From Bitcoin Scam Who Were Impersonating Officials

A recent police investigation that involved Bitcoin machines at the Tampines One Mall in Singapore, was able to save an individual from scammers.

The fraudsters impersonated officials and scammed users in the market. At the same time, the police officers were able to help an individual not to transfer more Bitcoins to the scammers.

Singapore Police Ends With Crypto Scam

As per the reports, a 49-year-old individual was close to a bitcoin teller machine and witnesses called the police reporting vandalism. However, the police investigated the situation and discovered that a fraudulent scam was affecting several individuals.

The 49-year-old investor called a phone number and scammers impersonated authorities from China. They said that he was under an investigation due to performing a transnational crime. This is why he was ordered to send around $735 worth of Bitcoin to their wallets. The victim ended up sending the sum requested.

Another 30-year-old investor was going to be calling the same number when the police stopped him. Scammers have expanded all over the world in order to steal users’ funds. This is something that is worrying authorities in different jurisdictions. There are countries that are regulating the crypto market but scammers always find different ways to steal investors.

Singapore has been very open to virtual currencies. In the past, regulators informed that there are no reasons to regulate Bitcoin (BTC). The intention is to see which are the activities around it that could be harmful to investors.

The cryptocurrency market continues to expand in Singapore. Just a few days ago, the Blockchain Life Forum in Singapore gathered more than 3,000 individuals interested in these technologies.

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