Singapore Police Say Crypto-Related Crimes Keep Rising across the Country

[Crypto News Updates]

The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases.

https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

[Wexnident]

OK, I think generalizing crimes such as "fraud, cheating" as "crypto crimes" is kind of weird, odd, or heck bad even. Any medium can be used to actually cheat someone ngl, whether it be medicine, a technology, a method to achieve inner peace or whatnot, crypto is just something new that fraudsters are using now. Let's be real here, crimes like this happen because of the ignorance of people, plus the fact that they don't even bother researching stuff for themselves.

Many of those who fall, victims, are not vigilant and don’t do due diligence prior… We are talking about thousands of dollars of one’s hard-earned money here; vigilance and due diligence is the least they could do before plunging,

Pretty much sums up stuff people should do ngl.

[Jawhead999]

It's because Bitcoin and cryptocurrency is going for mass adoption, that's why the crime also increased just like fiat. On 2019 FBI record 2,440 violations on Bank [1] , it's far bigger than Bitcoin and cryptocurrency... but no one is complaints about how bad is fiat and want to ban it It's normal thing, if it's has a value of course all people will trying to get it with any ways.

[1] https://www.fbi.gov/file-repository/bank-crime-statistics-2019.pdf/view

[ILuckyGuyI]

Really? It looks like FUDs are still continuing to exist. Singapore Police are saying like there are no fiat-related crimes. In fact, their number is much more than crypto-related ones. So, please don't continue to do this. If you think the crime rate is increasing, then do something about it to lower the number of crimes.

[iTradeChips]

It has been stressed here in this forum and on every other cryptocurrency related website and media, to do your own research. Do not trust what you see on social media. If it claims that it will make you rich then it is more likely the opposite. You need to be sure that the so called developers, managers, community, are really legit and that there should not be any negative remarks about them. I would say stay with the top 100 coins and do your research before you decide.

[BIT-BENDER]

"The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases."

Source: https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

Discuss.

I think the main reason that crypto-crimes will increase is because people takes a jet above trying to research on cryptocurrency, also that thinking of crypto-currency making them overnight wealth, this would make you vulnerable to scammers.
The cryptocurrency and anyother crime rate would keep increase as long as people wants to earn, and with the pandemic making people lose their source of income, they become relegated to desperation.

[MFahad]

Really? It looks like FUDs are still continuing to exist. Singapore Police are saying like there are no fiat-related crimes. In fact, their number is much more than crypto-related ones. So, please don't continue to do this. If you think the crime rate is increasing, then do something about it to lower the number of crimes.

Crime is increasing so please call the police to arrest the criminals. Where are the law enforcement agencies ?
Don't blame the crypto for the failure of the law enforcement department in Singapore.

[Upgrade00]

Writing articles and including Bitcoin or cryptocurrencies is the way news outlets gets more traffic, governments also use it to spread further and strengthen their claims for more regulation, so we should not expect the crime theories to stop soon.
People lose money due to their carelessness and/or greed and not as a result of the currency being utilized. Fiat, cryptos, jewelleries and other valuable items can all facilitate scams, but only one of those would be deemed newsworthy.

[FIFA worldcup]

"The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases."

Source: https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

Discuss.

If the crypto related crimes are increasing, then the solution is to arrest those criminals and give them punishment. This does not mean that we should abandon crypto in Singapore just because crime rate has increased. Have you heard anywhere that any country stop using fiat currencies because there are a lot of money related frauds.  

[Tytanowy Janusz]

What else should we expect? Crypto community also skyrocked in last years. Its hard to expect that same amount of crimes will be made in 1000 people community and 100 000 people community. Question is if the percentage of crimes vs number of people rised? I guess not

[bryant.coleman]

The figure given here ($28 million) is for the three year duration between 2018 and 2020. That is around $9 million per year. They should compare it with the amount stolen every year through debit card cloning and hacking of bank accounts. I am sure that the amount involved is at least 100 times higher. The statement is in bad taste, as they are blaming cryptocurrency for these crimes. Ideally they should have clarified that out of financial fraud cases, around 1% involves the usage of cryptocurrency and for the remaining 99% fiat currency is used.

[Obito]

Nothing wrong in here, just another step of being recognize as a currency . I mean, isn't that what fiat is being used for too? but 100 times worth than cryptocurrency. $29 million since 2018 is nothing compared to billions of fiat getting stolen every year.

Well, this is not the best way for bitcoin to get recognized but what can we do, people with malicious intent are going to use it no matter what so I guess bad publicity is still publicity? Also, that amount in crypto is really high and worse than fiat even though fiat is the one that's frequently used, remember that if you smuggle fiat, there's a chance that it will be sniffed out and get taken away and you can't launder it really fast because it is really heavy.

[Poker Player]

It's because Bitcoin and cryptocurrency is going for mass adoption, that's why the crime also increased just like fiat. On 2019 FBI record 2,440 violations on Bank [1] , it's far bigger than Bitcoin and cryptocurrency... but no one is complaints about how bad is fiat and want to ban it It's normal thing, if it's has a value of course all people will trying to get it with any ways.

[1] https://www.fbi.gov/file-repository/bank-crime-statistics-2019.pdf/view

This.

As Bitcoin and cryptos become standardised and used, either as a means of payment or as an investment, it is only natural that crimes related to them will increase. Where there is money, there is crime looking to get hold of that money.

[DapanasFruit]

This is quite expected, and I think this can be true with any country that has put some regulatory legality into cryptocurrency. However, we have to understand that this is just a shift of the many usual frauds from using fiat money into cryptocurrency. Now, this is because more and more fraudsters, scammers and hackers are now getting their feet wet with cryptocurrency recognizing that they can do much bigger business with this emerging industry. We have to be honest that this is the bad side with cryptocurrency, though not its own fault as it is by human nature. Scams and frauds have been with us since the beginning of time and even if there will be no cryptocurrency they will happen in many forms and types. Maybe time is coming that a tax can be taken for every transaction involving cryptocurrency specifically funding anti-frauds operation by the government.

[YOSHIE]

https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

You only read the title of the news article, you did not read the entire intent and purpose of the Singapore government, you should not just take the title, it could be misinterpreted by the community here.

The purpose of the title News about fraudulent complaints against Bitcoin users to the police in Singapore has increased from 2018 to the present.

I quote the real meaning:

“Many of those who fall, victims, are not vigilant and don’t do due diligence prior… We are talking about thousands of dollars of one’s hard-earned money here; vigilance and due diligence is the least they could do before plunging,” he stated.

The aim of the Singapore government in the future is to prevent fraud / crime against Bitcoin users in Singapore every exchange in the Singapore country must have an official 'license' of the laws enacted by Singapore, against crypto / Bitcoin payments for its users, that's the point.

Conclusion: This is a positive action that will be implemented by the Singapore government in the future to prevent crime / fraud like what is happening today, that's the point of the news.

[killerfrost]

OK, crypto crime is on the rise, but is crime in other older financial systems different?

For me, this issue is not worth giving much thought to, for me the crypto system is the place where criminals are the least active, just like before it was still thought that crypto was used for illegal purposes in law, but in reality what is the greater evil done in the legitimacy we think.

[BENSON F]

The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases.

https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

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With the emergence of any new form of cryptocurrency,Few people with ulterior motives will  use it to obtain ill-gotten gains. But we cannot deny the development of cryptocurrency because of these few things.

[SFR10]

I think it's safe to say that all sorts of crimes ^{[not just crypto-related]} have been on the rise in the past year or two ^{[due to the overall increase in costs, caused by this ongoing pandemic]} and prior to that, the increase in crimes was mainly due to the fact that a lot of newcomers try to use it for the wrong reason ^[greed] and that always ends in a disaster ^{[their fault]}; Add the adoption rate as well and that number will continue to rise ^{[unfortunately, it's inevitable]}.

[cheezcarls]

The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases.

https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

This is highly expected. Not just in Singapore, but I expect that it will do the same in other countries. As cryptocurrencies are already trending right now, it is also an opportunity for criminals to use this path rather than the traditional way in committing online crime.

[bitterguy28]

The Singaporean police have reported that cryptocurrency-related crimes have skyrocketed since 2018, and the uptrend does not seem to be slowing down. According to The Straits Times, around 393 reports were made last year amid the coronavirus crisis of cases involving crypto frauds, cheating, among others, which is more than three times the figures of 2019.

Additionally, the authorities pointed out that just 125 complaints were filed with the police, representing another surge from the 15 reported in 2018. Furthermore, between 2018 and 2020, criminals stole $29 million during these crypto-related crime cases.

https://www.financemagnates.com/cryptocurrency/news/singapore-police-say-crypto-related-crimes-keep-rising-across-the-country/

well singapore being one of the toughest in terms of Public order and governance ? I'm sure they are just trying to imply everything before putting those behind bars.

sure that they will take them down in time and if their government made this? then the whole world will follow and will have idea how to track them down easily .