Metro Manila (CNN Philippines) — Scammers haven’t taken a break— even amid the pandemic — and are giving cryptocurrency a bad name. In August 2020, the Department of Finance (DOF) revealed that the name of Secretary Carlos Dominguez III was used to promote a fake cryptocurrency auto-trading platform called “Bitcoin Revolution.”
The DOF also learned that a platform called “Bitcoin Lifestyle” falsely claimed that President Rodrigo Duterte “is urging all citizens of the Philippines to learn about Bitcoin Lifestyle quickly to get involved.” These were all refuted by the DOF.
However, fraudulent schemes haven’t stopped there. Since April, the Securities and Exchange Commission (SEC) has exposed nearly 30 entities luring people to put their hard-earned money into illegal investment schemes with the promise of high returns over a short period.
Some of these cryptocurrency fraudsters employ Ponzi or pyramiding schemes that use the…