Singapore police warn investors against FTX phishing scams: report

FTX has an estimated $8 billion hole in its balance sheet. Investors desperate to get their money back are the target of phishing scams.

Singapore police have warned investors to beware of fake websites claiming they can help them recover funds from now bankrupt cryptocurrency exchange FTX.

On November 19, police issued a warning about a website claiming to be hosted by the United States Department of Justice, which prompts FTX users to log in with their account credentials, local news agency Channel News Asia reported. The website, which has not been identified, targets local investors affected by FTX's collapse, saying customers "could withdraw their funds after paying legal fees".

Police said the website was a phishing scam designed to trick unsuspecting users into divulging their private information.

Local authorities have also warned of fake online articles promoting cryptocurrency auto-trading schemes in the country, which seem to have proliferated recently. These articles often feature prominent Singaporean politicians, such as Speaker of Parliament Tan Chuan-jin.

Related: Mega-Rich Hong Kong and Singapore Consider Crypto Investments: KPMG

While this is not the first time Singapore police have issued public warnings against crypto scams, recent developments in the industry have made investors more vulnerable to attack. A