Singapore PM tells followers to 'remain vigilant' on crypto after seeing name used to sell tokens

Published at: April 4, 2021

Lee Hsien Loong, Prime Minister of Singapore, claims someone set up a profile on the social token platform BitClout to sell tokens using the information from his Twitter account. 

In a Facebook post Friday, Loong urged Singaporeans to “to remain vigilant when dealing with cryptocurrency platforms.” He said that someone had used BitClout to create one of the platform’s Creator Coins using his name, Twitter account bio, and photo. According to the screenshot Loong posted, there were 27.4088 of his tokens with a market capitalization of more than $9,800, with at least one user holding $4.77 worth.

“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency,” said the prime minister.

He added:

“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.”

Loong’s account has since been removed, but could have been added to the platform at launch. According to BitClout, the site pre-loaded the top 15,000 Twitter influencers — purportedly based on the number of followers — allowing users to “buy and sell their coins even though they’re not on the platform yet.” The Singapore PM has more than 792,000 followers.

However, it appears that the figures behind the BitClout accounts do not have to reserve their profiles for the buying and selling of the tokens to start. Tesla CEO Elon Musk’s BitClout profile shows he has not officially joined the platform, but many users are currently holding his tokens, worth $89,379.39 each at the time of publication. When creators activate their accounts by tweeting out their BitClout address, they’re entitled to claim a certain number of their own tokens.

I’m going to be upset if I’m listed on bitclout without my consent.But I’m going to be furious if I’m not.

— Ryan Selkis (@twobitidiot) March 22, 2021

The prime minister’s warning went out to his 1.6 million Facebook followers in addition to his Twitter followers, but was purportedly intended for all 5.7 million people living in Singapore. Loong seemed to imply investing in the crypto platform was akin to “falling prey to scams,” and encouraged users to only deal with companies regulated by the Monetary Authority of Singapore.

BitClout has also attracted the attention of former Baywatch star Pamela Anderson, who is handing out signed copies of her final 2016 Playboy magazine cover to the three biggest holders of her Creator Coin. Anderson’s token is currently valued at $6,749.89 with a market cap of more than $800,000.

Tags
Regulation
Singapore
Cryptocurrencies
Privacy
Facebook
Twitter
Related Posts
Law Decoded: The guard changes, and with it, the tweets, Jan. 8–15
Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Armed National Guardsmen are building up concentric perimeters of black barricades around the U.S. Capitol and its whole neighborhood of federal buildings in preparation for the Biden inauguration and protests against it on Wednesday. Which inspires some déjà vu, whether to last week or last summer. As much as history is said to repeat itself, the present day seems to be stuck on its own loop. Remember how last week’s Law Decoded was mostly about the handover of presidential …
Regulation / Jan. 15, 2021
US FTC digs into Big Tech's centralized reservoirs of user data
The United States Federal Trade Commission is making the giants of social media account for their user data practices. On December 11, the FTC published orders for special reports from unnamed social media companies. The commission's stated aim for the reports is: "To compile data concerning the privacy policies, procedures, and practices of Social Media and Video Streaming Service providers, including the method and manner in which they collect, use, store, and disclose information about users and their devices." The initial orders, however, did not include the names of the companies involved. On Monday, the FTC publicized that the orders …
Regulation / Dec. 14, 2020
Japanese Liquid Exchange to Delist Zcash to Get Licensed in Singapore
Japanese cryptocurrency exchange Liquid is reportedly delisting privacy-focused coin Zcash (ZEC) in order to apply for a license to operate in Singapore. The Electric Coin Company, which develops the Zcash cryptocurrency, announced the news in a July 22 tweet. They elaborated that Zcash will be delisted from Liquid alongside 28 other tokens. Liquid, which recently ranked #6 among top tier exchanges on CryptoCompare, has not yet posted an official statement on whether they plan to delist Zcash. Cointelegraph reached out to the exchange with more queries and will update the article pending any new information. Zcash is entirely compatible with …
Regulation / July 23, 2020
Singapore Central Bank: Concerns Over Facebook’s Libra ‘Not Trivial’
Singapore’s central bank has held discussions with Facebook about its upcoming libra cryptocurrency, Bloomberg reported on June 27. Ravi Menon, the managing director of the Monetary Authority of Singapore, reportedly acknowledged libra’s potential benefits — such as making payments cheaper or supporting the unbanked — but said the regulator needs to understand exactly how the tech giant’s system will work. As well as warning that it isn’t clear whether libra would offer a superior alternative to other electronic payment mechanisms, Menon said Singapore would be seeking assurances on security and privacy issues before making a regulatory decision. At a news …
Altcoin / June 27, 2019
Singapore Act to License Cryptocurrency Firms Comes Into Effect
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …
Bitcoin / Jan. 28, 2020