In response to the recent insult Singapore hurled at the crypto community, the crypto community has decided to strike back by creating a deepfake video of Singapore's Prime Minister Lawrence Wong promoting and selling cryptocurrencies.

In the recent parliamentary debate, Singapore's Minister of State for Home Affairs, Sun Xueling, has issued a strong warning about the risk of investing in cryptocurrency, citing an alarming rise in fraud cases.

Similarly, the Singapore Minister of Trade has also recurred similar sentiments by asking the public to steer clear of cryptocurrencies because there is no protection in place if they lose their money.

Retaliation from the crypto community

Local media, The Straits Times(ST) revealed that to make the video look as believable as possible, the scammers have decided to use the logo of the the local news agency in order to fool people into believing that this was an authentic video.

The scam video was a digital altered version of a genuine interview the ST had done with PM Lawrence Wong. ST added that in the video, the mouth of PM Wong looked noticeably altered to synchronise with a fake voice-over promoting an investment scam.

The voice-over also tried to mimic the pitch and intonation of his real voice.

In response to the deepfake videos, Prime Minister Lawrence Wong addressed the current issue and warned the public to be vigilant online and not fall victim to the scams.

"There are a number of scams using deepfakes or images of me to sell products or services like cryptocurrency. Some of you have written in to report them, and I have also seen them on my feed. Do not respond to these scams or share any of your personal information."

PM Wong also urged those who have fallen victim to a scam to file a police report.

This is not the first time a Singaporean leader has been targeted by deepfake scams. In June 2024, Senior Minister Lee Hsien Loong issued a warning about deepfawke videos of him commenting on international relations and foreign leaders.

He expressed concerns over the potentially harmful implications of these videos.

"The motive of these deepfakes may not be commercial, but their malicious intent is clear. Someone behind them wants to make it seem that these are views supported by me or the Singapore government. This is dangerous and potentially harmful to our national interests."

Previously in December 2023, MM Lee also warned about deepfake scam videos falsely claiming that he was endorsing investment schemes with guaranteed returns.

One manipulated video used the video of MM Lee's interview from the Chinese network CGTN back in March 2023, but altered it to appear as if they were talking about an investment opportunity allegedly approved by the Singapore government.

Singapore’s Ongoing Fight Against Financial Scams

Singapore has intensified its efforts to combat financial scams and cybercrime through stricter legislation, educational campaigns, and enhanced law enforcement. In January, the government passed a law allowing police to restrict bank accounts belonging to individuals suspected of being scam victims.

In the recent parliamentary discussions, Minister Sun Xueling supported the idea that those who carry out scams and fraudulent activities should face harsher punishments, like caning.

"We must send a clear message to scammers, the syndicates and those who abet them: If you mess with our people, make off with the life savings of Singaporeans, scam Singaporeans, we must do everything in our power to teach the scammers a lesson they won't forget."

The Singapore Police Force reported that cryptocurrency-related scams made close to 25% of the total scam losses in 2024, a 7% increase from 2023, with one victim losing whopping $125 million to a cryptocurrency scam.