Singapore PM tells followers to ‘remain vigilant’ on crypto after seeing name used to sell tokens

Lee Hsien Loong, Prime Minister of Singapore, claims someone set up a profile on the social token platform BitClout to sell tokens using the information from his Twitter account.

In a Facebook post Friday, Loong urged Singaporeans to “to remain vigilant when dealing with cryptocurrency platforms.” He said that someone had used BitClout to create one of the platform’s Creator Coins using his name, Twitter account bio, and photo. According to 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.

“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,” said the prime minister.

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 since been removed, but could have been added to the platform at launch. According to BitClout, the site pre-loaded the top 15,000 Twitter influencers — purportedly based on the number of followers — allowing users to “buy and sell their coins even though they’re not on the platform yet.” The Singapore PM has more than 792,000 followers.

However, it appears that the figures behind the BitClout accounts do not have to reserve their profiles for the buying and selling of the tokens to start. Tesla CEO Elon Musk’s BitClout profile shows he has not officially joined the platform, but many users are currently holding his tokens, worth $89,379.39 each at the time of publication. When creators activate their accounts by tweeting out their BitClout address, they’re entitled to claim a certain number of their own tokens.

The prime minister’s warning went out to his 1.6 million Facebook followers in addition to his Twitter followers, but was purportedly intended for all 5.7 million people living in Singapore. Loong seemed to imply investing in the crypto platform was akin to “falling prey to scams,” and encouraged users to only deal with companies regulated by the Monetary Authority of Singapore.

BitClout has also attracted the attention of former Baywatch star Pamela Anderson, who is handing out signed copies of her final 2016 Playboy magazine cover to the three biggest holders of her Creator Coin. Anderson’s token is currently valued at $6,749.89 with a market cap of more than $800,000.

 

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