Authorities in Singapore say that nearly one-quarter of the SG$1.1 billion ($821 million) lost to scams in the city last year involved crypto.
According to reports citing the nation’s police, cryptocurrency losses rose from just 6.8 percent of the yearly total in 2023 to 24.3 percent of the total in 2024.
The scams involved fake wallets, social media impersonation, impersonation of executives and other ruses.
On Tuesday, the Monetary Authority of Singapore (MAS) indicated that marketing and advertising of crypto services in public areas is being restricted, while the authority is introducing consumer protection measures.
An MAS spokesperson indicated that the authority “has been strongly cautioning against trading and investments in cryptocurrencies by the retail public, given their lack of intrinsic value, volatile prices and highly speculative nature,” reports the Straits Times.
Singapore has long cautioned about the risks of crypto investment, and has made scam crackdowns a central focus, especially given the 70 percent yearly rise in money lost to scams in 2024. While e-commerce scams were the most prevalent – totaling over 11,600 cases, job scams were also one of the top concerns (despite a slight yearly drop).
While the overall money lost to scams was concentrated in a “small number of cases with very high losses”, authorities remain concerned at the average amount lost by the general public.
In an effort to tackle the rising predominance of scams, Singapore passed the Protection from Scams Bill in January of this year.
