$78,000 was lost to cryptocurrency scammers in Singapore. They used a series of strategies involving spreading false information about fake investments online to attract investors. A report suggests that well-known local personalities to endorse the scams – possibly without their knowledge or approval. The scams were specifically designed to appeal to Singaporean residents. Local police stated that the basic format of the scam involves the use of online articles which function as recruitment material for investors who do not carry out enough due diligence. The schemes endorsed by them generally operate from outside Singapore and are not recognized or regulated by the Monetary Authority of Singapore (MAS).