• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Tuesday, June 28, 2022
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

    How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

    Wheat india

    India comes to the rescue of a famished Egypt

    There must be a law that should prohibit international observers from meddling in India’s judicial matters

    There must be a law that should prohibit international observers from meddling in India’s judicial matters

    SYL song

    SYL song removed from YouTube

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    PLI Scheme for Apparels is going to eliminate the Bangladeshi clothes from the market

    PLI Scheme for Apparels is going to eliminate the Bangladeshi clothes from the market

    NPAs

    Congress had given India the NPA cancer. PM Modi has cured it

    India and Russia have their International Transport Corridor Ready

    India and Russia have their International Transport Corridor Ready

    Adani growth

    Gautam Adani will soon leave Mukesh Ambani miles behind

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Tejas LCA

    Malaysia wants India’s Tejas LCA at any cost

    NSA Doval’s statement on ‘Agnipath’ scheme should be read by every idiot protesting it

    NSA Doval’s statement on ‘Agnipath’ scheme should be read by every idiot protesting it

    Agnipath is BJP’s private militia, courtesy of our genius opposition

    Agnipath is BJP’s private militia, courtesy of our genius opposition

    In the guise of joint drills, America is sending its troops to learn high-altitude warfare

    In the guise of joint drills, America is sending its troops to learn high-altitude warfare

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Kashmir and Aksai Chin are not the only scars left by Nehru

    Kashmir and Aksai Chin are not the only scars left by Nehru

    Biden administration is strengthening Pakistan with impunity in response to India’s support to Russia

    Biden administration is strengthening Pakistan with impunity in response to India’s support to Russia

    Tejas LCA

    Malaysia wants India’s Tejas LCA at any cost

    Tunisia’s new Constitution invalidates Islam

    Tunisia’s new Constitution invalidates Islam

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    copper weapons

    The excavations in Mainpuri’s Ganeshpur village illustrate Hindus’ sophisticated weaponry

    Gondya Ala Re – 125 Years of Chapekar Brothers’ Supreme Will

    Gondya Ala Re – 125 Years of Chapekar Brothers’ Supreme Will

    History

    Government shouldn’t have removed Mughal references from NCERT books, it should have published the truth

    Kalika Mata Mandir

    Pavagadh Shakti Peeth: How a mandir was redeveloped after shifting dargah built atop it

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Manmohan is overrated, Joe Biden is the real robot

    Manmohan is overrated, Joe Biden is the real robot

    Sanjay Dutt character

    Sanjay Dutt has played the most irritating and over-the-top characters in the last 5 years

    Item Number – The cancer that almost claimed the Indian film industry

    Item Number – The cancer that almost claimed the Indian film industry

    Karan Johar bollywood

    Karan Johar, forget about a comeback because you can’t

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

    How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

    Wheat india

    India comes to the rescue of a famished Egypt

    There must be a law that should prohibit international observers from meddling in India’s judicial matters

    There must be a law that should prohibit international observers from meddling in India’s judicial matters

    SYL song

    SYL song removed from YouTube

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    PLI Scheme for Apparels is going to eliminate the Bangladeshi clothes from the market

    PLI Scheme for Apparels is going to eliminate the Bangladeshi clothes from the market

    NPAs

    Congress had given India the NPA cancer. PM Modi has cured it

    India and Russia have their International Transport Corridor Ready

    India and Russia have their International Transport Corridor Ready

    Adani growth

    Gautam Adani will soon leave Mukesh Ambani miles behind

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Tejas LCA

    Malaysia wants India’s Tejas LCA at any cost

    NSA Doval’s statement on ‘Agnipath’ scheme should be read by every idiot protesting it

    NSA Doval’s statement on ‘Agnipath’ scheme should be read by every idiot protesting it

    Agnipath is BJP’s private militia, courtesy of our genius opposition

    Agnipath is BJP’s private militia, courtesy of our genius opposition

    In the guise of joint drills, America is sending its troops to learn high-altitude warfare

    In the guise of joint drills, America is sending its troops to learn high-altitude warfare

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Kashmir and Aksai Chin are not the only scars left by Nehru

    Kashmir and Aksai Chin are not the only scars left by Nehru

    Biden administration is strengthening Pakistan with impunity in response to India’s support to Russia

    Biden administration is strengthening Pakistan with impunity in response to India’s support to Russia

    Tejas LCA

    Malaysia wants India’s Tejas LCA at any cost

    Tunisia’s new Constitution invalidates Islam

    Tunisia’s new Constitution invalidates Islam

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    copper weapons

    The excavations in Mainpuri’s Ganeshpur village illustrate Hindus’ sophisticated weaponry

    Gondya Ala Re – 125 Years of Chapekar Brothers’ Supreme Will

    Gondya Ala Re – 125 Years of Chapekar Brothers’ Supreme Will

    History

    Government shouldn’t have removed Mughal references from NCERT books, it should have published the truth

    Kalika Mata Mandir

    Pavagadh Shakti Peeth: How a mandir was redeveloped after shifting dargah built atop it

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Manmohan is overrated, Joe Biden is the real robot

    Manmohan is overrated, Joe Biden is the real robot

    Sanjay Dutt character

    Sanjay Dutt has played the most irritating and over-the-top characters in the last 5 years

    Item Number – The cancer that almost claimed the Indian film industry

    Item Number – The cancer that almost claimed the Indian film industry

    Karan Johar bollywood

    Karan Johar, forget about a comeback because you can’t

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
No Result
View All Result
TFIPOST
No Result
View All Result

Singapore’s cryptocurrency debacle shows how risky these new monies are

Akshay Narang
by Akshay Narang
21 February 2022
in Finance
1
Cryptocurrency People Victims
1.2k
VIEWS
Share on FacebookShare on Twitter

Cryptocurrency has grown into a huge industry over the past few years. Some people are investing in cryptocurrencies out of a sheer desire to earn more money. And others are simply investing in cryptocurrency out of peer pressure. 

Read more: India’s own cryptocurrency is coming. And this one you can trust

Propaganda material and bogus claims of making millions out of cryptocurrency are attracting more and more investors. But lack of regulation and awareness around the subject means that fraudsters and bogus investment seekers have a chance of looting ordinary investors, as people in Singapore have found out. 

Read more: The Crypto hype is making losers out of many Indian investors too

Singapore’s cryptocurrency debacle

Singaporean investors have been losing a lot of money to bogus investment schemes. And leading such bogus schemes is a Chinese-origin “pig-butchering” cryptocurrency scam. Victims in Singapore lost US$ 141.90 million to the scam last year, over five times more than the US$ 34.86 million that they lost in 2019. 

What is the “pig-butchering” scam?

The unique name of the cryptocurrency scam comes from a Chinese term- “sha zhu pan” which basically implies fattening a pig before butchering it. And guess what? The perpetrators of the scam named it by themselves. Sounds ruthless right? Well, this scam is actually quite ruthless. 

Fraudsters spend months cultivating good relations with the victims and when they are able to develop a good personal relationship, the victims are instigated to invest in fake cryptocurrency schemes.

And I don’t need to tell you the rest of the story. The invested money goes into the hands of the fraudsters and never comes back. 

It started in China

The pig-butchering scams have their origin in China. They started way back in 2016 when scammers groomed their victims on fake gambling websites. It was followed by a crackdown by the Chinese government on illegal betting in 2018. So, the fraudsters started targeting the Chinese-speaking diaspora in Southeast Asia instead.

The demography expanded to Europe and the US also, and therefore scam tactics evolved to cash in on the growing craze for cryptocurrency investments. Singapore Police Force said that victims ended up transferring money mostly into banks in mainland China and Hong Kong. A police officer was quoted by the broadsheet as saying, “They were asked to pay administrative fees, security fees or taxes in order to reap profits. In many cases, victims earned a profit in the initial stage, leading them to believe that the investment is legitimate and lucrative.” 

The officer added, “Once larger amounts of monies were deposited into the designated accounts, the scammers became uncontactable.” 

And what makes the scam murky? Well, it is able to target highly educated and tech-savvy Singaporean youngsters. Around 90 per cent of the victims held a minimum of a bachelor’s degree. And 70 per cent of the victims were women in the age group of 25 to 40 years.

GASO, a volunteer organisation, said most of the victims of pig-butchering scams ended up emptying their savings account and many even ended up borrowing money to invest in the fake cryptocurrency schemes. As per a survey of 400 people carried out by GASO across North America, Europe, Taiwan and Southeast Asia, losses ran very high at an average of US$ 134,940 per person. 

Now, Singaporean authorities seem rather worried. They are using technology to identify and warn potential victims. They are sending SMS advisories and police are also working with foreign law enforcement agencies. But you know fraudulent schemes are like. Fraudsters end up looting people despite all possible administrative precautions. 

So, this is how dangerous relentless and careless investment in cryptocurrency can be. And this is why people at large need to control unbridled enthusiasm about cryptocurrency. 

Tags: Crypto ScamCryptocurrencyInvestment ScamSingapore
ShareTweetSend
Previous Post

Lessons from Chintels Paradiso Gurugram: Apartment flats are convenient but could be dangerous

Next Post

A timeline of Mulayam-Akhilesh controversy that Mama Ji talked about yesterday

Akshay Narang

Akshay Narang

Patriot, Political Analyst, Amateur Historian

Comments 1

  1. Avatar Sean Comley says:
    2 months ago

    Money loss can be terrible. It has the potential to drive you into a downward spiral, and it almost did in my situation. I had put my money into a platform, and everything appeared to be legitimate until it was too late for me to understand I had been duped. For days, I was depressed until a buddy remarked that he had heard of a platform that could assist. I reluctantly agreed to give them a chance, and it turned out to be the best decision I’ve ever made. My money was quickly recovered. Please be sure you understand what you’re investing in and proceed with caution. You can contact me via email (support @ reversalpro.com) if you ever find yourself in a scenario similar to mine.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Energy Drinks: A Classic case of inventing a problem to sell the solution

Energy Drinks: A Classic case of inventing a problem to sell the solution

27 June 2022
How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

How Mayawati ensured the defeat of SP candidate Dharmendra Yadav and victory of Nirahua

27 June 2022
Wheat india

India comes to the rescue of a famished Egypt

27 June 2022
Manmohan is overrated, Joe Biden is the real robot

Manmohan is overrated, Joe Biden is the real robot

27 June 2022

Popular This Week

Bollywood Thackeray
Politics

Why Bollywood is afraid of Devendra Fadnavis’ return to Maharashtra

by Apoorva Shukla
25 June 2022
Russian Oil
Geopolitics

This is how India is importing oil from Russia even when insurance companies have blocked Russia

by Abhishek Kumar Singh
24 June 2022
The Rouble-Rupee combo – An effective solution to the menace of petrodollar
Geopolitics

The Rouble-Rupee combo – An effective solution to the menace of petrodollar

by Abhishek Kumar Singh
24 June 2022
Why Shopping Mall culture is losing its sheen in India
Trending

Why Shopping Mall culture is losing its sheen in India

by Tanya Trivedi
20 June 2022
Parle G
Analysis

In a decade or two, Parle will be forced to stop producing Parle-G

by Abhishek Kumar Singh
25 June 2022

©2022 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2022 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost