Police in Singapore have issued a warning about FTX phishing schemes.

According to a local news outlet, Channel News Asia, on November 19 the police gave a notice regarding a website that asked FTX users to log with using their login details and purported to be run by the US Department of Justice. The website is targeted towards local investors who are negatively affected by the collapse of FTX, and consumers are given the impression that they “would be able to withdraw their money after paying legal charges.”

The website, according to the police, was a phishing attempt designed to fool those who weren't aware of the scam into disclosing their personal information. Local authorities have warned individuals to be aware of such content while browsing the internet as fake online articles that promise cryptocurrency auto trading programs in the country appear to have thrived recently.

Tan Chuan-jin, the speaker of the Singaporean parliament, is one of the well-known Singaporean politicians who frequently appears within those stories. Even though Singapore's police have previously warned the people about cryptocurrency scams, recent market developments have made consumers more vulnerable to attacks than they were previously. One million creditors and shareholders are expected to have suffered as a consequence of FTX's insolvency.

They might collectively stand to lose billions of dollars. The city-state has warned investors frequently that digital tokens are extremely volatile and has even outlawed the advertising of cryptocurrency on social media sites.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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