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The head of a $230 billion Singaporean investment fund is the latest high-profile public figure to have their likeness used to promote Bitcoin Pro – an investment scam making the rounds on Facebook.

Ho Ching, who has served as Temasek’s CEO since 2004, warned her more than 57,000 followers on Monday:

“Just to alert everyone that there have been some more fat frogs jumping in the streets! […] The scams masquerading as breathless news from Straits Times, Channel News Asia, etc, have resurfaced and are making the rounds again, using my name and making up fake breathtaking quotes from me and others.”

Fake Ad of Bitcoin Investment Scam The ad bears the “as seen on” logos of several legitimate and reputable media outlets, including The New Paper, The Business Times, Today, The Independent Singapore, and Singapore Business Review.

In a “special report” titled “Ho Ching Latest Investment Has Experts in Awe and Big Banks Terrified,” the ad makes several false and sensationalist claims attributed to Ho, including details of a supposed call between Ho and the head of a major bank in which they beg her “stop divulging money-making secrets.”

Ho encouraged her followers to report the ad and cautioned them against getting conned into “get rich quick schemes” like Bitcoin Pro.

A spokesperson for Temasek said:

“These are not new scams – they’ve been around a long time and have targeted many high profile individuals, not just Ho Ching.

“At the end of the day, people need to be aware before committing to anything they see online endorsed by anyone with a public profile.”

Bitcoin Pro By Any Other Name Still a Scam Bitcoin Pro appears to be the latest iteration of the Bitcoin Revolution scam. Similar scams have appeared recently under names like Bitcoin Looper and Bitcoin Evolution.

You may also like: Mining Profits Dry Up Across Bitcoin, DOGE, LTC, and BCH Saylor Should Stop Buying Bitcoin, Says CryptoQuant Strengthening Dollar and OG Selling Pressure Keep Bitcoin Bears in Control  Regardless of the name, all of these scams have several things in common:

They advertise their scam on Facebook using ads that feature fake “news articles” about some famous celebrity or other public figure making sick amounts of money using their program. Like most high-yield investment plans (HYIPs) they promise dizzying profits in a matter of days, weeks, or months. They are practically clones of each other, using the same verbiage and making the same outlandish claims. Ho isn’t the first high-profile Singaporean to be unwittingly caught up in this scam. Earlier this year, former Prime Minister Goh Chok Tong had his likeness used to promote the scam, prompting the Monetary Authority of Singapore (MAS) to issue an official warning about the scam.

Bitcoin Scam Ads on Facebook are Hard to Kill Although Facebook removes the ads when they become aware of them, policing the Bitcoin scam ads appears to be akin to a game of whack-a-mole – no sooner do they take one down than another one (or more) pops up in its place.

A spokesperson for the social media giant cited the technical savviness of the scammers as one of the chief reasons it is so difficult to prevent the ads from being published. He explained that they “use sophisticated cloaking technology to mask content so that it shows different versions to our ad review systems than it does to people.”

“We encourage our community to report ads they believe are misleading as this information helps us improve our automated detection systems to counter cloaking tactics and make us better,” the spokesperson added.

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Pro-XRP and crypto attorney John E. Deaton, who won the Republican nomination for Senate in Massachusetts, has emerged as one of the largest crypto holders in the political space ahead of the election, with significant holdings in the largest digital assets on the market. 

XRP  Defender John E. Deaton’s Crypto Holdings Exposed Deaton, known not only for his legal expertise but also as a Marine veteran, has drawn attention for his ongoing defense of cryptocurrencies, particularly Ripple, amid the blockchain payments company’s fierce legal battle with US regulators over the past few years. 

Ripple, embroiled in a US Securities and Exchange Commission (SEC) lawsuit since 2020 for alleged “securities violations,” has supported Deaton’s campaign with substantial donations, as the Massachusetts state senate candidate has played a key role in the company’s defense.

Nonetheless, Fox Journalist Eleanor Terret brought to light the revelation on Wednesday that a substantial 80% of Deaton’s net worth is tied up in Bitcoin (BTC) or BTC-related investments, alongside undisclosed holdings in Ethereum (ETH), Solana (SOL), and XRP. 

Terret’s post on Deaton’s crypto holdings was made on Wednesday. Source: Eleanor Terret on X Ripple’s Political Push The involvement of Ripple, with significant contributions to the Commonwealth Unity Fund, a super political action committee (PAC) established by legal expert and crypto advocate James Murphy, showcases the growing influence over the past year of the crypto industry in the US political race. 

Ripple’s support, which includes $1 million in donations from key figures such as the company’s CEO Brad Garlinghouse and founder Chris Larsen, signals a concerted effort to support Deaton and foster a more crypto-friendly political climate, which has been marked by lawsuits and increasing enforcement actions against key industry players, especially in the past year.

Murphy, known for his insights on crypto enforcement matters under the pseudonym “MetaLawMan,” has articulated a vision of unity and collaboration in Congress, positioning Deaton as a candidate capable of bridging divides in the Senate regarding crypto regulation. 

However, with Warren’s stronghold in Massachusetts, not losing her seat since 2013, and her vocal stance against digital assets, Deaton’s campaign faces financial and ideological challenges.

In addition, the fundraising numbers also position Warren to outpace the Pro-XRP lawyer in contributions, reflecting the uphill battle for the crypto-friendly candidate. Murphy said in a recent interview with Fox:

Now, more than ever, we need unifiers in the Senate. I believe the people are ready to reject the divisive policies and actions of Elizabeth Warren.

The daily chart shows XRP’s uptrend recorded over the past month. Source: XRPUSDT on TradingView.com At the time of writing, XRP, the sixth largest cryptocurrency on the market, is trading at $0.615, down 1.5% in the last 24 hours, as the crypto market has seen a slight correction led by Bitcoin on Thursday. 

Featured image from DALL-E, chart from TradingView.com 

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