\n<\/p>\n
CNA938 producer Ernest Puey, who narrated the piece, said he was inspired to produce the programme after noticing a \u201cstaggering\u201d rate of increase in cryptocurrency scams.\u00a0<\/p>\n
\u201cIn 2018, cryptocurrency scams made up just 4 per cent of all reported fake gambling platform and investment scams. In 2020, almost three in every 10 were. Add to that the rising adoption among Singaporeans and the eye-watering gains seen in crypto markets, as well as how easy it was to create your own scam coin – all this made for an important story that I felt needed to be told.\u201d<\/p>\n
The programme features a cryptocurrency scam victim sharing his story, analysts who give a behind-the-scenes look at enforcement and recovery investigations, and a developer who created an unexpected viral hit in Singapore\u2019s cryptocurrency space, the Umbrage Coin.<\/p>\n
Said Mr Puey: “The (research) process also uncovered just how simple it was to commit fraud through cryptocurrencies and the challenge of regulating the space against bad actors who seek to exploit the anonymity and decentralided nature of cryptos. We found no less than a dozen tutorial videos on YouTube that offered a step-by-step guide on how to create these coins, market them, and siphon funds from victims.\u201d<\/p>\n
A key challenge\u00a0was taking a niche area of the complex cryptocurrency market and making it accessible to a general news audience, Mr Puey said. \u201cAs one of the analysts in the radio documentary shared, even sophisticated market participants are struggling to get up to speed with the innovations and technology in the decentralised finance and cryptocurrency space,\u201d he said.<\/p>\n
He added that getting recognition for his work from SOPA was a \u201ctotal shock and absolute honour\u201d. \u201cIt’s humbling to be standing among giants in the industry many of whom have put far more than me on the line, in pursuit of the truth and to tell stories that change lives,\u201d Mr Puey said.<\/p>\n