Prime Minister Lee Hsien Loong has demanded that his name and photograph be removed from a cryptocurrency platform that used his profile without his knowledge.
BitClout is a new blockchain that has its own native cryptocurrency and platform. Users on the platform can buy and sell “creator coins” that of influential Twitter profiles.
People can buy the BitClout cryptocurrency with Bitcoin to make such trades.
PM Lee said in a Facebook post late Friday night (April 2), without naming BitClout: “The site’s creators are anonymous. However, I have sent an open tweet out to ask that my name and photo be removed from the site immediately. I have nothing to do with the platform. It is misleading and done without my permission.”
He urged Singaporeans to remain vigilant when dealing with cryptocurrency platforms.
PM Lee also posted a link on Twitter on Friday night to an earlier news story by Nasdaq that says that a prominent crypto law firm has hit BitClout’s alleged creator was hit with a cease-and-desist letter.
Bitclout Explainer Page
A BitClout one-pager found on the site reads: “Profiles for the top 15,000 influencers from Twitter have been pre-loaded into the platform This means you can buy and sell their coins even though they’re not on the platform yet.”
Profiles such as Elon Musk, Ariana Grande and even Justin Bieber can be found there. Although none of them are on the platform.
“‘Creator coins’ are a new type of asset class. The value of the coin correlates to the reputation of an individual. They are truly the first tool we have as a society to trade ‘social clout’ as an asset,” the BitClout document said.
“People who believe in someone’s potential can buy their coin. Fans can cash in our their success financially when that person realises their potential. Traders can make money buying and selling the ups and downs.”
The price of each coin goes up when people buy and goes down when people sell. The profile’s activity and popularity online affect the price of the coin.
Bitclout is certainly gaining “clout” online. However, it seems Bitclout will also gain notoriety as well.