Blockchain Scam in Singapore

by Mike RubinsonJune 21, 20206, 21, 2020

Blockchain happens to be all the rage these days. If you are new to it, it is essentially a crypto currency wallet that helps people to store their bitcoin digitally and use it whenever they want. Initially, people did not know much about Blockhain. Sure, it is a more recent online tool but it took some time for people to realize its importance. It went unnoticed for the first couple of years. However, as people began to realize how essential it was, Blockchain’s popularity hit the roof. Now, thousands of people from different parts of the world use it because of how convenient it is and its excellent way of keeping their crypto currencies safe.

Blockchain Based Payments are Gaining Popularity

As time passes, blockchain based payments gain more and more steam. People are tired of making trips to the bank or the ATM in order to retrieve their money. Instead, most of them use blockchain based payments in order to complete their transactions. What makes things so unique is that no one expected digital crypto payments as prevalent as they have become. As a matter of fact, a large number of experts even thought that they will remain fiction and never come to fruition. However, as time passed and crypto currencies came to the forefront, it became more and more evident that digital wallets would become a think and people would not have to carry physical currencies in their pockets

While this form of making payments is still in its initial stages, it would not be a far stretch to imagine that it will fully replace hard cash in the near future. Let’s be honest with ourselves, we are surely but slowly moving towards the age of digitization and the mere introduction of blockchain is enough to suggest that we are well on our way towards complete digitization, especially financially within the next decade.

Is There any Truth to Blockchain Scam in Singapore

Singapore is one of the most flourishing countries in the world. Initially considered to be an underdog, Singapore has been making improvements by leaps and bounds, proving that it can indeed compete with various other highly developed countries in the world. Crypto currency investment and trading in particular is arguably the strongest suit of the country. More and more people are entering it because they are well aware of the fact that it can be highly lucrative.

People even go as far as abandoning their day jobs to give this venture a try. And, when some of them end up making money, they store it in their blockchain wallets. While these wallets are considered safe by money people, there have been a slew of incidents that indicate otherwise. A lot of people in different parts of the world reported that they got scammed by these digital wallets. There was also a massive blockchain scam in Singapore which caught people off guard. Everybody used to think that these wallets used to be safe but it seems like that is not the case.

How Frequently Does a Blockchain Scam in Singapore Happen

As we were discussing earlier, Singapore is very big on crypto currencies. It wouldn’t be a far stretch to imagine that it will become one of the most crypto dominant countries in the world. A lot of Singapore residents use blockchain wallets instead of hard cash which tells how much digital currency investing and trading are prevalent in that country. It is a big reason why you will see many a blockchain scam happening in Singapore. While there is no official number to indicate the exact amount of people who became victims to these kinds of frauds, it wouldn’t be a far stretch to say that the amount is on the higher side. What’s more, the use of these blockchain wallets continues to grow, which is a good and a bad thing considering that these scams are happening more frequently than ever before.

If you are a resident from Singapore and like to use crypto currency transactions through your blockchain wallet, it would be best to practice caution as there are a lot of fraudulent activities associated with it. That does not mean that you have to abandon your activities altogether, but practicing caution will save you from getting ripped off.

How Do these Scams Happen?

A lot of the people who became prey to these kinds of scams claim that they catch you off guard. Most of the time, people ended up choosing unreliable blockchain wallets. In case you did not know, there are plenty of them out there. Sometimes, choosing one can become increasingly difficult especially for people who are new to using crypto currency blockchain wallets. What ends up happening because of this is that they get scammed after a certain period of using them and end up losing some or all of the money that they had in it.

Of course, it is a very bad predicament and a large number of people, especially in Singapore have been a part of it. The worst part is that many of these people did not know that incidents like these happened. They thought that using crypto currency based payments is extremely safe and there are no cons associated with it. However, once they experienced a blockchain scam in Singapore, they realized that problems like these are indeed real and could get you into a lot of financial trouble.

Is There a Way to Recover Your Money from Blockchain Scam in Singapore?

If you have lost your money to a blockchain scam in Singapore and are thinking if there is a way to recover your money, well, you are in luck. Money Back is a well-recognized online service that helps people track online scamming companies in order to recover their money. A lot of scammed people have benefitted from Money Backs services and have been able to get the money that they lost due to fraudulent activities from a blockchain wallet or any other online trading platform.

If you feel that you have been scammed by a blockchain scam then you are welcome to visit our Investment and Trading Scams page, for more information or visit our contact page to get help.

Anat Samovski


I was working in the risk dept of a major binary company, after a few months I understand what this industry is all about and I left. I believe that it is divine providence that MoneyBack found me and hired me. I know how many people fall for this kind of scams and I know what we can do for them I wish we could have gotten to them all. If you lost money to a rading scam online please sign up because we can help you!!

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