After facing an act of infringement, Lee Hsien Loong, Prime Minister of Singapore, urged the citizens to “to remain vigilant when dealing with cryptocurrency platforms.”
He observed that in BitClout, a social token platform, someone has set up a profile to sell tokens using the information from his Twitter account, without his authorized consent.
I have nothing to do with the platform. It is misleading and done without my permission.
On April 2, in a Facebook post, Loong has given a detailed explanation of the incident where he has used BitClout to create one of the platform’s Creator Coins using Loong’s name, Twitter account bio, and photo. 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.
I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency”
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.
His message was intended for all the 5.7 million people in Singapore, along with his Twitter followers. According to him, investing in the crypto platform was similar to “falling prey to scams,” and he urged the users to deal with companies regulated by the Monetary Authority of Singapore. The account has been removed.
The site itself pre-loaded 15,000 Twitter influencers, as per BitClout. Allowing users to “buy and sell their coins even though they’re not on the platform yet.” Also, BitClout accounts do not have to reserve their profiles in order to participate in the buying and selling of tokens. Even though Elon has not officially joined the platform, but many users are currently holding his tokens, worth $89,379.39 as reported by Cointelegraph.