The police force of Singapore reported that citizens of the city-state suffered an unprecedented loss of S$1.1 billion ($822 million) to fraudulent activities in 2024. Astonishingly, nearly a quarter of this colossal loss is attributed to cryptocurrency scams.
The Singapore Police Force (SPF) revealed in a recent report that the amount siphoned off through scams saw an alarming surge of 70.6% from the previous year’s S$651.8 million. The number of scam incidents also witnessed approximately an 11% increase, tallying up to 51,501 cases in 2024.
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