Singapore Prime Minister Lee Hsien Loong took to Twitter today to alert his followers about a deepfake crypto scheme involving his image. He warned that his likeness is being used to promote a “bogus cryptocurrency investment.”
He wrote: “My office is aware that a crypto-investment scheme is circulating using my image and name. This scam is bogus, do not respond. Be wary of suspicious investment schemes, especially those using false claims and celebrity endorsements.”
Lee cautioned that while governments worldwide have taken measures to regulate digital assets, investing in such ventures carries risk and could result in losses.
The Prime Minister’s Office also released a statement, emphasizing the need for Singaporeans to remain vigilant against potential investment scams.
This is not the first time Lee’s image has been used to promote dubious cryptocurrency schemes. In June 2018, the Prime Minister’s Office issued a warning after his face was used to promote a fake Bitcoin investment plan.
Given the size and wealth of Singapore, it is not surprising that the country is being targeted by cryptocurrency scammers. A 2019 report from the Cyber Security Agency of Singapore showed that the island nation experienced a 126% increase in crypto-related scams between 2017 and 2018.