Wednesday , May 12 2021

Prime Minister Lee demands that his name and photo be removed from the crypto platform BitClout, which monetizes Twitter profiles, Singapore News & Top Stories

SINGAPORE – Prime Minister Lee Hsien Loong has requested that his name and photo be removed from a cryptocurrency platform that used his profile without his knowledge.

The Straits Times spotted on Wednesday (March 31st) what looked like the prime minister’s profile on the BitClout platform and sent an inquiry to his office the next day.

BitClout is a new type of blockchain that has its own original cryptocurrency and a platform that allows users to buy and sell “coins for creators” tagged on influential Twitter profiles.

People can buy BitClout cryptocurrency with Bitcoin to do such things.

Prime Minister Lee said in a post on Facebook late Friday, not naming BitClout: “The creators of the website are anonymous, but I sent an open tweet asking for my name and photo to be removed from the website immediately because I have nothing to do with the platform. it is done without my permission. “

He called on Singaporeans to remain vigilant when dealing with cryptocurrency platforms.

“If you are dealing with entities not regulated by the Monetary Authority of Singapore (MAS), keep in mind: You will not be protected by the laws governed by the MAS.

“Before any investment, make sure it’s genuine and legitimate, so you don’t fall victim to fraud.”

Checks conducted by ST on Wednesday revealed that Prime Minister Lee’s profile was listed on the platform, along with national carrier Singapore Airlines and the Olympics.

ST also requested comment from Singapore Airlines.

A BitClout explanatory document posted on the website states: “Profiles for 15,000 major Twitter influencers are pre-uploaded to the platform, meaning you can buy and sell their coins even though they are not yet on the platform.”

This means that people can trade the coins marked on these Twitter profiles – including Prime Minister Lee – regardless of whether they actually signed up for BitClout or not.

The price of every coin rises when people buy, and falls when people sell.

This is also influenced by profile activity and online popularity.

“Coins for creators are a new type of asset class that is tied to an individual’s reputation, not a company or a commodity. They are truly the first tool we have as a society to trade ‘social influence’ as assets, ”the BitClout document states.

“If people understand that, then the value of someone’s coin should be correlated with that person’s role in society.

“People who believe in someone’s potential can buy their coin and succeed financially with them when that person realizes their potential, and traders can make money by buying and selling ups and downs.”

The document adds that BitClout, like bitcoin, is a completely open source project and that there is no company behind it.

Prime Minister Lee also posted a link to earlier Nasdaq news on Twitter last night, which reported that the prominent crypto law firm of the alleged creator of BitClout had been hit by a letter of termination and withdrawal.

Depending on this, ST found that the verified profiles on the BitClout platform include the profiles of Mr. Tyler Winklevoss, who, along with his twin brother Cameron, was involved in a lawsuit against Mr. Mark Zuckerberg that began more than a decade ago.

The brothers claimed that the founder of Facebook stole the idea for the platform when the trio was attending Harvard University.

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