According to a recent LinkedIn post from Covenant, the firm is highlighting rising risks for retail investors from cryptocurrency-related scams in Singapore. The post references data indicating that crypto losses accounted for nearly 20% of total scam losses in 2025, with such cases reportedly surging 156%.
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The company’s LinkedIn post underscores comments from Deputy Managing Director Ronald JJ Wong on legal and regulatory considerations in digital asset investments. He reportedly emphasizes the need to assess whether exchanges are properly regulated and whether investors retain legal title to assets in the event of insolvency.
The post suggests that Wong views early action as critical once abnormalities or potential scams are detected. Recommended steps include immediately freezing bank accounts, cards, and digital wallets, and considering court or arbitration proceedings in Singapore, or potentially abroad, depending on jurisdictional constraints.
For investors, the content points to elevated legal and operational risks surrounding digital assets, especially in cross-border contexts. From a financial perspective, this focus on crypto risk management and asset recovery may position Covenant to capture advisory and dispute-resolution work as regulatory scrutiny and scam incidence increase.
The LinkedIn post also frames complex digital asset structures as a potential trap for uninformed investors, noting that ostensibly lucrative projects can carry significant hidden dangers. This emphasis on legal due diligence and investor protection may enhance Covenant’s profile among clients seeking guidance on crypto compliance, litigation, and risk mitigation in Singapore’s evolving digital asset landscape.