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BOMBSHELL: Cryptocurrency Scheme So Catastrophically Bad That Singapore’s Parliament Has to Warn Citizens Not to Lose All Their Money (Again)

Crypto NewsNewsRegulation/Negotiation Sam Rogers September 16, 2024

A illustration depicting a warning sign on a beach, surrounded by waves and ripples, with a sinking ship in the background labeled as 'Worldcoin'.

It seems like another cryptocurrency scheme has gone off the rails and Singapore’s authorities are left picking up the pieces. Because what could possibly go wrong with a company called ‘Worldcoin’ promising riches to anyone willing to partake in their dubious activities? The Deputy Prime Minister of Singapore, Gan Kim Yong, is now warning citizens about the risks of money laundering through Worldcoin accounts – because who needs actual value or regulation when you can just create some numbers on a computer and call it a day?.

Source: bitcoin.com

Singapore's Parliament Addresses Worldcoin Account Misuse and Privacy Risks
https://news.bitcoin.com/singapores-parliament-addresses-worldcoin-account-misuse-and-privacy-risks
Singapore’s Deputy Prime Minister Gan Kim Yong addressed concerns in Parliament regarding the risks of Worldcoin’s operations in Singapore, including potential money laundering through the sale of accounts. He emphasized that although Worldcoin does not perform a payment service under current laws, buying or selling accounts may constitute a violation. Investigations are ongoing, and the public is warned against transferring their accounts due to data privacy risks and criminal misuse. […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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