The Philippine National Police (PNP) has successfully foiled a cryptocurrency scam that was luring unsuspecting investors to invest in fraudulent crypto schemes. The scam had reportedly managed to entrap over 1,000 individuals before it was uncovered by authorities.
According to the police report, the syndicate had been operating under the name of “Global Crypto Hub Investment” and offered attractive returns for investors who would purchase its supposed cryptocurrency, known as the “G-Coin”. The scam promised potential investors high returns in a short period of time, which raised alarm bells for authorities as such schemes often target vulnerable and inexperienced investors.
The scam was reported to have been operating through various social media platforms, including Facebook and TikTok, and even had an official website to lend it an air of legitimacy. Victims of the scam were allegedly encouraged to invest a minimum of PHP 10,000 (approx. $200) in exchange for high profits.
The PNP, with the assistance of the Philippine Securities and Exchange Commission (SEC), launched an investigation into the scam and raided the group’s offices in Makati City. During the raid, the police were able to rescue more than 1,000 victims and arrest 44 individuals who were reportedly involved in the operation of the scam.
The police were also able to seize various electronic devices, documents, and other materials that are believed to have been used in the scam’s operations. The authorities have assured the public that they will continue to pursue other members of the syndicate who may still be at large.
The Philippine SEC has repeatedly issued warnings to the public about the risks involved in investing in cryptocurrencies, particularly in unregistered and unlicensed entities. The regulator has also been actively cracking down on fraudulent crypto schemes and has intensified its efforts in protecting investors from falling prey to such scams.
Investors are advised to exercise caution and do proper due diligence before investing in any cryptocurrency or related investment schemes. It is crucial to verify the legitimacy of the entity and the investment opportunity and seek professional advice if needed. By doing so, investors can protect themselves from becoming victims of fraudulent schemes such as the Global Crypto Hub Investment scam.
