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In a recent Twitter post, Singapore Prime Minister Lee Hsien Loong has warned local residents of a new crypto scam that uses his image to deceive potential victims. The scam, which was first reported by the Straits Times, revolves around a fake Twitter account that has been impersonating the Singapore head of state and promising viewers that if they invest in an undisclosed cryptocurrency, they will receive a generous return.
Lee urged users to be vigilant and made sure to note that he is in no way associated with the scam. He said that the government has taken steps to delete the fake account, and that those responsible will be held liable.
This is not the first deepfake crypto-scam of its kind. In January, the U.S. Federal Trade Commission issued a warning about deepfake cryptocurrency schemes, noting that they often involve the use of celebrity images and videos to induce people to vouch for investments. The agency cautioned that these schemes are often set up in a way that ensures the fraudsters have access to all the victim’s investment, with little to no chance of getting the funds back.
The warning serves as a reminder to be aware of online scams, even those involving high-ranking government officials. With the prevalence of deepfake technology, it can be difficult for average users to distinguish between legitimate accounts and false ones, so vigilance is advised when dealing with investments online.