Hold up, I just found the gotcha. Wow they can make these loyalty programs convoluted! A KrisFlyer Mile that you earn on a credit card isn't the same as a Krisflyer Elite Mile that you need to achieve Krisflyer Frequent Flyer status such as KrisFlyer Elite Gold and KrisFlyer Elite Silver. I'd liken this to the different between frequent flyer points and status points in Australia.
There was a promotion in Feburary 2022 where if you transferred 250,000 Krisflyer miles, you would earn 50,000 Krisflyer elite miles as well, but not sure if this is still going on. Source:
[URL unfurl="true"]https://www.australianfrequentflyer.com.au/singapore-airlines-status-without-flying/#How_to_earn_KrisFlyer_Gold_status_by_transferring_credit_card_points[/URL]
