Singapore PM tells followers to 'remain vigilant' on crypto, seeing name used to sell tokens

Singapore PM, Lee Hsien Loong, claims an anonymous person set up a profile on the social token platform BitClout to sell tokens using the information from his personal Twitter account.

Singapore PM tells followers to 'remain vigilant' on crypto, seeing name used to sell tokens

Loong said to Singaporeans “to remain vigilant when dealing with cryptocurrency platforms” via a Facebook post on Friday. He stated that someone has used BitClout to create one of the platform’s Creator Coins using his Twitter information including profile photo, username, and bio. On the basis of the screenshot Loong posted, there were 27.4088 of his tokens with a market capitalization of more than $9,800, with at least one user holding $4.77 worth. The PM has more than 792,000 followers.

“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency,” Loong said.

He added:

“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.”

Loong’s account has been removed but could have been added to the platform during the time of launch. According to BitClout, the site pre-loaded the top 15,000 Twitter influencers allowing users to “buy and sell their coins even though they’re not on the platform yet.” 

Although, it seems the numbers behind the accounts on the BitClout exchange do not have to reserve their profiles for trading the tokens to start.
One of the biggest supporters of crypto and Tesla CEO Elon Musk’s BitClout profile, which is at the top on the platform, shows he has not officially joined BitClout, but several users are currently holding his tokens worth $89,379.39 each. When the creator activates their account by tweeting their BitClout address, they’re entitled to claim a certain number of their own tokens.

The prime minister’s warning reached out to his 1.6 million followers on Facebook in addition to his Twitter followers but was reportedly intended for all 5.7 million people living in Singapore. Loong suggests investing in the crypto platform was akin to “falling prey to scams,” and proposed users to deal with only those platforms which are regulated by the Monetary Authority of Singapore.

The platform has also attracted the attention of famous television personality, Pamela Anderson, who is handing out signed copies of her final 2016 Playboy magazine cover to the three biggest holders of her Creator Coin. Her token is currently valued at $6,749.89 with a market cap of more than $800,000.