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Cryptocurrency scammers were actively attacking Singapore market which led to almost $78,000 losses related to crypto scams between September and November 2018, according to the report of local news media Straits Times.

It was also stated that scammers were using a series of strategies in involving spreading false information about fake investments online to attract investors and to steal their funds.

The scams itself were also specifically designed to appeal to Singaporean residents by using well-known local stars and celebrities to endorse the scams – possibly without their knowledge or approval.

As it was reported earlier, in order to combat such cryptocurrency scams the Monetary Authority of Singapore (MAS) even updated the rules for participants in the ICO campaigns.

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