Home Cryptocurrency News PM Lee asks for his name, photo to be removed from BitClout crypto platform that monetises Twitter profiles, Singapore News & Top Stories

PM Lee asks for his name, photo to be removed from BitClout crypto platform that monetises Twitter profiles, Singapore News & Top Stories

7 min read

SINGAPORE – Prime Minister Lee Hsien Loong has requested that his identify and {photograph} be faraway from a cryptocurrency platform that used his profile with out his data.

The Straits Instances noticed what seemed to be the Prime Minister’s profile on the BitClout platform on Wednesday (March 31) and despatched his workplace a question the next day.

BitClout is a brand new kind of blockchain that has its personal native cryptocurrency and platform that permits customers to purchase and promote “creator cash” which might be tagged to influential Twitter profiles.

Individuals should buy the BitClout cryptocurrency with Bitcoin to make such trades.

PM Lee stated in a Fb put up late on Friday, with out naming BitClout: “The positioning’s creators are nameless, however I’ve despatched an open tweet out to ask that my identify and photograph be faraway from the location instantly, as I’ve nothing to do with the platform. It’s deceptive and performed with out my permission.”

He urged Singaporeans to stay vigilant when coping with cryptocurrency platforms.

“When you take care of entities not regulated by the Financial Authority of Singapore (MAS), bear in mind: You will not be protected by the legal guidelines administered by MAS.

“Earlier than making any funding, please be sure that it’s real and bonafide, in order that you’ll not fall prey to scams.”

Checks by ST on Wednesday discovered that PM Lee’s profile was listed on the platform, alongside nationwide service Singapore Airways and the Olympics.

ST has additionally requested Singapore Airways for remark.

A BitClout explainer doc discovered on the location stated: “Profiles for the highest 15,000 influencers from Twitter have been pre-loaded into the platform, which means which you can purchase and promote their cash though they’re not on the platform but.”

This implies individuals can commerce cash tagged to those Twitter profiles – together with PM Lee’s – no matter whether or not they have truly signed as much as BitClout or not.

The value of every coin goes up when individuals purchase and goes down when individuals promote. 

Additionally it is affected by the profile’s exercise and recognition on-line.

“Creator cash are a brand new kind of asset class that’s tied to the popularity of a person, somewhat than to an organization or commodity. They’re really the primary device now we have as a society to commerce ‘social clout’ as an asset,” the BitClout doc stated.

“If individuals perceive this, then the worth of somebody’s coin ought to be correlated to that particular person’s standing in society.

“Individuals who imagine in somebody’s potential should buy their coin and succeed with them financially when that particular person realises their potential and merchants can generate profits shopping for and promoting the ups and downs.”

The doc added that BitClout, like bitcoin, is a completely open-source undertaking and there’s no firm behind it. 

PM Lee additionally posted a hyperlink on Twitter final evening to an earlier information story by Nasdaq, which reported that BitClout’s alleged creator was hit with a stop and desist letter by a distinguished crypto regulation agency.

Individually, ST discovered that verified profiles on the BitClout platform embrace that of Mr Tyler Winklevoss, who, alongside together with his twin brother Cameron, was embroiled in a lawsuit towards Mr Mark Zuckerberg that started over a decade in the past. 

The brothers had claimed the Fb founder stole their thought for the platform when the trio attended Harvard College.

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