According to a report from The Straits Times, the Singapore Police shared that they were 393 reports of cheating, fraud or other crimes related to investments in cryptocurrencies in 2020.
Also, about S$29 million was reported lost to such cases between 2018 and 2020.
Although the percentage may seem small, it is still significant and should have risen this year with the growing adoption of cryptocurrencies.
Speaking of cryptocurrency scams, a man from Singapore went on Facebook to share a public post warning people about how he became a victim of an alleged cryptocurrency social media scam.
Here is his story.
TL;DR: Man Falls Prey to Crypto Social Media Scam And Loses S$26,000 in 3 Days...