Beware of fake crypto investments, PNP warns public

Beware of fake crypto investments, PNP warns public

By Junex Doronio

MANILA — Desperate times call for desperate measures, so they say, and the Philippine National Police-Anti Cybercrime Group (PNP-ACG) has warned the public not to fall into fake crypto investments out of desperation to get rich quickly.

PNP-ACG director BGen. Joel Doria noted that with only a few days before Christmas and employees starting to receive their Christmas bonuses, “online scammers are now working double time to rob the people blind.”

“Do not fall prey to fake cryptocurrency investments. ACG advises potential investors in crypto to visit the website of Bangko Sentral ng Pilipinas for the list of regulated Virtual Asset Service Providers to avoid being scammed,” Doria said after the PNP received complaints on fake crypto investment schemes.

The scammers’ modus operandi would be to entice the public to download an app that when installed will require them to cash in their investments in digital wallets listed in the application.

Seeing their earnings increasing, they are enticed to invest more money.

But when they start to withdraw their money, the apps will no longer allow them. (ai/mtvn)

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