Singapore PM Denies Involvement in Controversial BitClout Network
Lee Hsien Loong, Prime Minister of Singapore, has asked that his profile be removed from the cryptocurrency platform, BitClout stating that they had set it up without his permission.
He also warned Singaporeans to be careful in their crypto dealings and beware of fake profiles and crypto scams.
Loong’s Profile Used Without Permission
In a Facebook post, Loong claimed someone set up a profile on BitClout to sell tokens using his Twitter account information.
“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.” the Singapore PM said, referring to BitClout.
BitClout is a blockchain-based social media network that allows users to buy and sell “creator coins” tagged to influential Twitter profiles. Think of it as a non-fungible token for influencers. The only problem is BitClout has a history of posting the likeness of celebrities without their permission.
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.
He also advised Singaporeans to remain vigilant when dealing with cryptocurrency platforms in his post. He urged the citizens not to deal with any entity not regulated by the Monetary Authority of Singapore (MAS) as MAS laws won’t protect them.
Loong added that making sure the platform they want to invest in is genuine and legitimate would make it hard to fall prey to scams.
BitClout’s Controversial Scheme
According to a BitClout explainer document, profiles of the top 15,000 influencers from Twitter have been pre-loaded into the platform, meaning that users can buy and sell their coins even though they’re not on the forum yet.
This means people can trade coins tagged to these Twitter profiles, such as the Singapore PM, regardless of whether they have signed up to BitClout or not.
Creator coins on BitClout are coins tied to the profiles of reputable and popular people on the platform.
Before the Singapore Prime minister’s case, Brandon Curtis, the product lead of decentralized token exchange Radar Relay had slammed the BitClout creators with a cease and desist letter for creating a profile using his information without his consent.
BitClout has not been supported by many prominent members of the industry instead it has been seen as a controversial scheme. The PM’s warning comes at a time where there are many scam projects especially crypto identity scams.
The rate at which the scam projects are growing has made many lawmakers concerned about citizens’ security.
Although Singapore has been open to technology and innovation and has not shunned crypto services, it has provided a fair warning to its citizens not to end up investing in a fraudulent deal.