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

[Yatsan]

With the uptrend happening within the crypto community on which many people are wanting to get along with the popularity and trend, many are being caught off-guard with those scammers making newbies believe into scam schemes being created by some people wanting to take advantage of their innocence when it comes to crypto. Such crimes are being easily executed and many have been victimized because of lack of knowledge with regards to cryptocurrency. But the increase of crypto related crimes must not always been point out for fiat related crimes are also increasing continuously for a certain person need to have certain knowledge with the field to execute such crimes.

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[MCobian]

In my opinion, there is nothing surprising in this. Since the popularity of cryptocurrency causes the growth of the community, for 100 normal people there will definitely be some person with similar inclinations and therefore it is natural that there is a growth, but judging by the numbers, there are not so many such cases. There is dynamics, but in reality it is a drop in the sea of ​​real crime, it is strange that this is emphasized.

Criminals are just using the fame of thus new introduced opportunity to the newbies thats why they grab the opportunity to fool them by offering them some service which can give a huge profit if they invest their money unto them. This is not new and so expect that the crime will rise since scammers have high guts since they are actually almost traceable if they do crime.

Even though the crypto world has been running for more than a decade, there are still many people who don't really understand cryptocurrencies.
So criminals often take advantage of new and famous things to get money, So it should come as no surprise that finally crypto-related crimes continue
to increase. So this is a lesson for all of us. if we find something new that we don't understand, don't believe in tempting offers. So if there are
attractive crypto-related investment offers, try to study and do some research first. So we distinguish which one is legitimate or which one is fraudulent.

[marilynmanson21]

It's not surprising that they (police) talk like that because there are so many people who get into crypto and can't be banned and in this case there will be more scammers lurking newbies to fall victim to them.
Crypto crime should not be as bad as fiat crime, indeed crypto crime if you have hacked one of the exchanges can harm a million users of the exchange without bleeding.
but if Fiat's crime definitely takes its toll in its actions

[Meysa_richa]

The popularity of Cryptocurrency continues to increase, making many people interested in entering this world. And makes bad people interested in committing crimes, they commit crypto crimes because they think getting money from here is easier than dealing directly with humans. And it turns out to be true, and it is proven that this Crypto crime is increasing. 
Many hackers take the assets of novices, even reckless criminals by hacking an exchange. 
We need to be aware of this, if we have Crypto assets in large or small amounts, we must be really careful in doing all the activities here.

[Kong Hey Pakboy]

This is bad, Singapore is a good country to be on the good side of crypto, it has a stable economy and it's one of the richest country in the world and a ban on usage of crypto in there is going to be bad, hopefully it doesn't come to that because with the new technology to trace cyber crimes, hopefully it will deter cyber criminals.

[arwin100]

In my opinion, there is nothing surprising in this. Since the popularity of cryptocurrency causes the growth of the community, for 100 normal people there will definitely be some person with similar inclinations and therefore it is natural that there is a growth, but judging by the numbers, there are not so many such cases. There is dynamics, but in reality it is a drop in the sea of ​​real crime, it is strange that this is emphasized.

Criminals are just using the fame of thus new introduced opportunity to the newbies thats why they grab the opportunity to fool them by offering them some service which can give a huge profit if they invest their money unto them. This is not new and so expect that the crime will rise since scammers have high guts since they are actually almost traceable if they do crime.

Even though the crypto world has been running for more than a decade, there are still many people who don't really understand cryptocurrencies.
So criminals often take advantage of new and famous things to get money, So it should come as no surprise that finally crypto-related crimes continue
to increase. So this is a lesson for all of us. if we find something new that we don't understand, don't believe in tempting offers. So if there are
attractive crypto-related investment offers, try to study and do some research first. So we distinguish which one is legitimate or which one is fraudulent.

This is common things happened for the past years of crypto and people should always look after this to avoid any scams they can actually search the said modus since mostly those criminals offer a lot of money in return to their investors so that they can convince them to put some money on their platforms. If people will just research about what type of scams they need to avoid for sure the incident of being a victim of this schemes will minimize but unfortunately many are so lazy thats why we keep seeing newbie got baited by scammers.

[taufik0911]

This is bad, Singapore is a good country to be on the good side of crypto, it has a stable economy and it's one of the richest country in the world and a ban on usage of crypto in there is going to be bad, hopefully it doesn't come to that because with the new technology to trace cyber crimes, hopefully it will deter cyber criminals.

almost all countries prohibit the use of cryptocurrencies because cryptocurrencies are not taxed and also cannot be traced who the wallet user is so that it will be detrimental to countries where cryptocurrency can be used as a tool for money laundering which is the most difficult to trace and even almost impossible to trace

[romero121]

Most of the crimes happening with cryptocurrency were the scams, cheating. Mostly this happens as a result of improper understanding about the cryptocurrency, its usage and the real purpose. If we go deep into the core element of getting scammed, it'll be the expectation to earn big in short time. Most of the users who suffer this will be the beginners.

[Kong Hey Pakboy]

~~~

almost all countries prohibit the use of cryptocurrencies because cryptocurrencies are not taxed and also cannot be traced who the wallet user is so that it will be detrimental to countries where cryptocurrency can be used as a tool for money laundering which is the most difficult to trace and even almost impossible to trace

I think that a lot of us would agree that it's not the way to go, I mean you can easily tax those users if you want to. Countries have their own tax bureaus right? I am sure that when someone gets a lot of money each month, pretty sure someone will eventually notice plus banning won't get you votes. What do you mean that it can't be traced? Dude you are so out of touch, FBI can already track people who use bitcoin to evade taxes so it's easy now to tax people that are involved in crypto

[retnoanjani]

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This is common things happened for the past years of crypto and people should always look after this to avoid any scams they can actually search the said modus since mostly those criminals offer a lot of money in return to their investors so that they can convince them to put some money on their platforms. If people will just research about what type of scams they need to avoid for sure the incident of being a victim of this schemes will minimize but unfortunately many are so lazy thats why we keep seeing newbie got baited by scammers.

too good to be true, right? We should realize this that nothing is really easy and without risk in this world. unfortunately newbies ignore this, their goal is to want to feel instant profit and get rich quick, without any knowledge base and only fomo, so they are easy to manipulate. when caught in a scam or scam they loudly shout: bitcoin scam!
oh come on... we have to be wiser and more attentive to what we are going to do. if we are ready to profit then we must be prepared to lose, we must know that the crypto world is very risky, don't just be interested in profits.

Regarding crime in crypto, it really depends on the user. all things in the world can definitely be used for evil tools, depending on who the user is. Don't just look at the bad side.

[CaVO32]

---
This is common things happened for the past years of crypto and people should always look after this to avoid any scams they can actually search the said modus since mostly those criminals offer a lot of money in return to their investors so that they can convince them to put some money on their platforms. If people will just research about what type of scams they need to avoid for sure the incident of being a victim of this schemes will minimize but unfortunately many are so lazy thats why we keep seeing newbie got baited by scammers.

too good to be true, right? We should realize this that nothing is really easy and without risk in this world. unfortunately newbies ignore this, their goal is to want to feel instant profit and get rich quick, without any knowledge base and only fomo, so they are easy to manipulate. when caught in a scam or scam they loudly shout: bitcoin scam!
oh come on... we have to be wiser and more attentive to what we are going to do. if we are ready to profit then we must be prepared to lose, we must know that the crypto world is very risky, don't just be interested in profits.

Regarding crime in crypto, it really depends on the user. all things in the world can definitely be used for evil tools, depending on who the user is. Don't just look at the bad side.

For the past year, more than likely, there are a lot of users who were being scammed because a lot of newbies jump on board when btc started to go up. So these newcomers they didn't know yet all sort of scamming techniques and they fell into those traps. Crypto itself is not a scam, however, it is the people that are using this technology to scam people. And a lot of them don't know yet about those schemes. Once scammed, people should learn their lessons and try to at least do their homework before blindly sending funds to the scammers.

[tabas]

Most of the crimes happening with cryptocurrency were the scams, cheating. Mostly this happens as a result of improper understanding about the cryptocurrency, its usage and the real purpose. If we go deep into the core element of getting scammed, it'll be the expectation to earn big in short time. Most of the users who suffer this will be the beginners.

Not only the scams but also involves physical injury and worst, killing. That's why to avoid such things, you better know who you are trading or dealing with if it's related to cryptocurrencies. Because unaware people thinks that when someone owns a crypto, he's that rich already.
That is why they intend to do harm just to get that crypto assets which they think is going to change their lives and make them rich quick.

[Rengga Jati]

We cannot avoid this problem. Maybe the reality is. And this becomes another additional FUD related to Bitcoin and other Crypto. And it could be used by certain parties to exaggerate this problem and dropped the world of Crypto.
Well, we don't know the truth. Are Crimes with Crypto more increasing exactly than Fiat?

[Lanatsa]

In my opinion, there is nothing surprising in this. Since the popularity of cryptocurrency causes the growth of the community, for 100 normal people there will definitely be some person with similar inclinations and therefore it is natural that there is a growth, but judging by the numbers, there are not so many such cases. There is dynamics, but in reality it is a drop in the sea of ​​real crime, it is strange that this is emphasized.

Criminals are just using the fame of thus new introduced opportunity to the newbies thats why they grab the opportunity to fool them by offering them some service which can give a huge profit if they invest their money unto them. This is not new and so expect that the crime will rise since scammers have high guts since they are actually almost traceable if they do crime.

Even though the crypto world has been running for more than a decade, there are still many people who don't really understand cryptocurrencies.
So criminals often take advantage of new and famous things to get money, So it should come as no surprise that finally crypto-related crimes continue
to increase. So this is a lesson for all of us. if we find something new that we don't understand, don't believe in tempting offers. So if there are
attractive crypto-related investment offers, try to study and do some research first. So we distinguish which one is legitimate or which one is fraudulent.

This is common things happened for the past years of crypto and people should always look after this to avoid any scams they can actually search the said modus since mostly those criminals offer a lot of money in return to their investors so that they can convince them to put some money on their platforms. If people will just research about what type of scams they need to avoid for sure the incident of being a victim of this schemes will minimize but unfortunately many are so lazy thats why we keep seeing newbie got baited by scammers.

Scams and frauds would continue to exist as long there are people who do keep feeding those scammers due to lack of knowledge and research that hadn't been done by those investors.

Modus is becoming more enhanced to make it more legit because once a method or modus had been busted up then these scammers wont stop on making new one

which means that you would basically or potentially get victimized if you aren't aware on how things been happening around in the market.

[sherenikaw]

Why crypto is currently getting more and more highlighted because the development of crypto also growing rapidly. Many people are familiar with crypto and are trying to get into the crypto world. Not only in the crypto world, all other investments or other deposits have their own evils. It's just that at this time and recently crypto is booming, the crime in crypto is also getting more and more highlighted. Fraud or other fraud in the crypto world has indeed happened since the beginning and as crypto lovers and holders we must not give up, protect each other's assets so that they are safe and do not suffer big losses.

[TelolettOm]

Welcome to the world, where not all people are kind and not all people are bad.
This is the world where people may always use the easiest ways to support their crimes.
And does it the mistake of the crypto itself? We cannot blame it.
But, let's wait for what kind of issues and news that media is spreading later, this FUD, seems a nice thing to rise up again.
Well, in fact, whatever the negative issues about crypto, this will be always going on.

[sapnu]

Considering the anonymity offered by crypto and the transaction that is not traced by the government, all crimes are possible within it. Scams or frauds are very evident specially for the new ones who are much more likely to be vulnerable in getting involved on such acts. Also, in the dark web, the currency being used is cryptocurrency specially bitcoin wherein it is used for buying illegal stuffs like weapons and videos. It should be expected since the number of crypto investors is also growing and we cannot be certain that all of it does not have any bad ideas in mind.

[Kakmakr]

They are blowing this up to look as if this is a huge problem, but have a look at the total amount of crimes (37 409 cases) ... then it is nothing compared to the other cases that are not Crypto related. (393 reports of Crypto related crimes)  

Source : https://www.statista.com/statistics/947850/singapore-total-crime-case-number/

So why is this such a big issue? Well, it is simple.... when you want to create your own digital currency, you have to get some kind of reason to "ban" the competition.  

[btc78]

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/

I thought that singapore is one of the toughest in terms of crime prevention and also police matters? they are even recorded to be one of the safest country in the world? then why does this had been an issue?
does crypto really shaking the whole country?

They are blowing this up to look as if this is a huge problem, but have a look at the total amount of crimes (37 409 cases) ... then it is nothing compared to the other cases that are not Crypto related. (393 reports of Crypto related crimes) 

Source : https://www.statista.com/statistics/947850/singapore-total-crime-case-number/

So why is this such a big issue? Well, it is simple.... when you want to create your own digital currency, you have to get some kind of reason to "ban" the competition. 

so Singapore is planning on creating their own crypto like other countries? but they are pointing literally about crypto related crimes and not just specific currencies.

[Fortify]

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/

Singapore is quite a rich country in comparison to its size. It's also got a big financial industry and is one of the most trusted legally in the region - especially since Hong Kong has lost all credibility lately. It will be inevitable that Singapore will have a disproportionate amount of crimes both detected and also prosecuted, as in other Asian countries the complete infrastructure might be lacking. You could say that is one downside of having increased accountability - it looks bad on paper, but in actual fact it's happening much worse in countries all around them and simply goes unrecorded due to all sorts of corruption. Be careful how you judge them.