According to TechFlow, on November 29, the Singapore Police Force and the Cybersecurity Agency issued a joint warning to remind the public to be vigilant against new scams targeting cryptocurrency wallets. The authorities pointed out that scammers mainly commit crimes in three ways: impersonating legitimate institutions on social media to offer fake giveaways, pretending to be executives of cryptocurrency companies to send malicious links, and using phishing websites and smart contract vulnerabilities to hack into user wallets.

To deal with these threats, the Singapore authorities recommend that users use hardware wallets for offline storage, enable two-factor authentication, and regularly check account activity. Once suspicious situations are found, users should immediately contact the exchange to freeze the account, revoke the authorization of suspicious tokens, and transfer assets to a safe wallet.