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Filipino Crypto Scammers: Government Officials Involved?

The Finance Dept. in the Philippines advises individuals that Bitcoin Revolution utilizes government authorities’ names to spread phony news propagating their business.

Another Philippine financial company warned about the alleged Ponzi cryptocurrency for the Bitcoin Revolution program and accused him of introducing the country’s president and financial and financial officials.

According to the Ministry of Finance (DOF), Bitcoin Revolution used the name of Finance Minister Carlos Dominguez III in a signal released last June 21 to promote what security officials believed was a fake “automatic cryptocurrency trading platform.”

Clickbait and Fake News being used to lure investors

The supposed tricksters are purportedly spreading fake news with an article that claims the government has made a stage called “Bitcoin Lifestyle,” complete with a phony explanation gave by President Rodrigo Duterte, encouraging all residents “to find out about Bitcoin Lifestyle rapidly to get included.”

Associate account secretary Antonio Joselito Lambino II totally discredits that the Filipino government is advancing digital currency speculations and underwriting Bitcoin Revolution. The DOF gave an announcement:

“We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action.”

Bitcoin Revolution is like a Ponzi Scheme

Announced around the end of March, the Philippine Securities and Exchange Commission (SEC) warned that the Bitcoin Revolution was a Ponzi scheme aimed primarily at Filipino, Australian and European investors. However, the Philippines is not the only country to issue such a warning. The Maltese Financial Services Authority (MFSA) issued a signal on October 31 last year asking investors to beware of what appears to be international fraud.

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