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SINGAPORE – Prime Minister Lee Hsien Loong has requested that his name and photograph be removed from a cryptocurrency platform that used his profile without his knowledge.
The Straits Times saw what appeared to be the profile of the prime minister on the BitClout platform on Wednesday (March 31) and sent an inquiry to his office the next day.
BitClout is a new type of blockchain that has its own native cryptocurrency and a platform that allows users to buy and sell “creator coins” that are tagged with influential Twitter profiles.
People can buy BitClout cryptocurrency with Bitcoin to make such exchanges.
PM Lee said in a Facebook post late on Friday, without naming BitClout: “The creators of the site are anonymous, but I did send an open tweet requesting that my name and photo be removed from the site immediately, as no I have nothing to do with the platform. It is misleading and is done without my permission. “
He urged Singaporeans to remain vigilant when it comes to cryptocurrency platforms.
“If you are dealing with entities not regulated by the Monetary Authority of Singapore (MAS), remember: you will not be protected by the laws administered by MAS.
“Before making any investment, make sure it is genuine and legitimate, so that you do not fall victim to scams.”
Checks by ST on Wednesday found that PM Lee’s profile was listed on the platform, along with national carrier Singapore Airlines and the Olympics.
ST has also asked Singapore Airlines for comment.
An explanatory BitClout document found on the site read: “The profiles of the top 15,000 Twitter influencers have been pre-uploaded to the platform, which means you can buy and sell their coins even if they are not on the platform yet.”
This means that people can trade tagged coins on these Twitter profiles, including PM Lee’s, regardless of whether they have actually signed up for BitClout or not.
The price of each currency goes up when people buy and goes down when people sell.
It is also affected by the activity and popularity of the online profile.
“Creator Coins are a new type of asset class that is tied to the reputation of an individual, rather than a company or commodity. They are really the first tool we have as a society to exchange ‘social influence’ as an asset, ”the BitClout document said.
“If people understand this, then the value of someone’s currency should be correlated with that person’s position in society.
“People who believe in someone’s potential can buy their currency and be financially successful when that person realizes their potential and traders can make money buying and selling the ups and downs.”
The document added that BitClout, like bitcoin, is an open source project and there is no company behind it.
PM Lee also posted a link on Twitter last night to an earlier Nasdaq story, which reported that the alleged creator of BitClout received a cease and desist letter from a prominent crypto law firm.
Separately, ST discovered that the verified profiles on the BitClout platform include that of Tyler Winklevoss, who, along with his twin brother Cameron, was embroiled in a lawsuit against Mark Zuckerberg that began more than a decade ago.
The brothers had claimed that the Facebook founder stole their idea for the platform when the trio attended Harvard University.
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