A victim who lost about P1.4 million in a cryptocurrency scam went to the police for help.
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George (not his real name) said he was convinced to invest in the fake cryptocurrency exchange by a Singaporean national.
He put up $3,000, which is about P100,000, at first. When his money made 10% in less than five minutes, he was encouraged to put in more.
George said that when he looked on the Internet, he found other people who had also been taken in by the scheme.
The Philippine National Police Anti-Cybercrime group (PNP-ACG) helped George find out that his money had been moved to 100 different digital wallets and accounts.
The PNP-ACG Spokesperson P/Capt. Michelle Sabino said that it is finishing up the paperwork from the cryptocurrency exchanges before putting the suspect in jail. Also, they are requesting a data preservation. After that, PNP-ACG will file a warrant to disclose computer data for us to be able to gather the information regarding the identity of the suspect for filing of appropriate charges.
Sabino also told people to watch out for transactions that claim to give “very high interest or return of interest” in a short amount of time.
This is not the first time there is a cryptocurrency scam happened in the Philippines. For more information on how to avoid Cryptocurrency scam here is How to Avoid Crypto Scammers
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