Singapore police have reminded investors to be wary of websites that falsely claim they can help them recover assets from the now-defunct cryptocurrency exchange FTX.

The source “Channel News Asia” reported that on November 19, the police issued a warning about a website that was allegedly run by the US Department of Justice.

The site, whose name has not been disclosed, seeks to plant the idea that users will be able to withdraw their assets after paying legal fees.

The site is aimed at investors who were negatively affected by the FTX crash.

Authorities said the site is a scam that aims to deceive people by obtaining their personal information and enticing them to pay sums of money before obtaining their cryptocurrency from the bankrupt platform.

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Fake online sites offering cryptocurrency trading schemes in Singapore seem to have flourished recently, so the authorities have issued a warning to citizens of such content while surfing the internet.

These sites often include famous influencers and politicians from Singapore, such as Tan Chuan Jin, Speaker of the Singapore Parliament.

Although this is not the first time that Singapore police have issued public warnings against cryptocurrency scams, new developments in the market have made investors more vulnerable than they were before.

One million creditors and investors are expected to be adversely affected as a result of FTX’s bankruptcy.

They may lose billions in total.

Singapore earlier issued several warnings to investors that digital assets are highly volatile and even banned the promotion of cryptocurrencies on social media platforms.

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