Cryptocurrency Platform Uses PM's Name And Photograph Without His Knowledge

BitClout is a new type of blockchain with its own cryptocurrency that allows people to buy and sell “creator coins” that are tagged to popular Twitter profiles. The BitClout cryptocurrency can be bought with Bitcoin for the trading of “creator coins”. 

Surprisingly, Singapore Prime Minister Lee Hsien Loong’s profile with his name and photograph appeared on the platform. The Straits Times spotted it and sent a query to the PM’s office regarding the profile. 

Following this, PM asked BitClout to remove his name and photograph that were used without his consent or knowledge. He also urged Singaporeans to be careful with cryptocurrency platforms. 

In a Facebook post, he said, 

“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency.

“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.

“I urge everyone to remain vigilant when dealing with cryptocurrency platforms. If you deal with entities not regulated by the Monetary Authority of Singapore, remember: you won’t be protected by the laws administered by MAS. Before making any investment, please ensure that it is genuine and legitimate so that you will not fall prey to scams.”

According to BitClout, 

“Creator coins are a new type of asset class that is tied to the reputation of an individual, rather than to a company or commodity. They are truly the first tool we have as a society to trade ‘social clout’ as an asset.”

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

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

Apparently, influential Twitter profiles for the top 15,000 influencers have been pre-loaded onto the BitClout platform and people can buy and sell their coins even if the profile owners are not on the BitClout platform. 

This clearly explains why PM Lee’s profile was found on the platform. 

[Source]