Common cryptocurrency scams and how to avoid them
enablePagination: false
endIndex:
Metro Manila (CNN Philippines) Is cryptocurrency a scam? It isn t, but you should still be careful with fraudulent schemes that ride on its popularity. Cryptocurrency is a volatile enough investment as it is. Don t fall prey to these common cryptocurrency frauds.
Scam No. 1: Fake cryptocurrencies
A common scam is presenting a new cryptocurrency as an alternative to popular digital monetary currencies like Bitcoin. Fraudsters would lure victims into believing it s too late to cash in on Bitcoin, and they will introduce a fake cryptocurrency.
In the United States, the people behind My Big Coin were charged for running an elaborate cryptocurrency scam that defrauded at least 28 investors out of six million dollars. Authorities learned the victims were asked to invest in fake cryptocurrency, not knowing the funds were re-directed into the fraudsters bank accounts.
How to stop seeing fake ads endorsing fake cryptocurrency schemes inquirer.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.net Daily Mail and Mail on Sunday newspapers.
Published December 15, 2020, 2:00 PM
Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times.
The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns.
Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking later investors’ money. Others advertised their get-rich-quick-schemes on social media platforms and messaging applications, such as Telegram and Facebook Messenger, nefariously attempting to victimize everyday investors about actual cryptocurrency. Some of these scammers even resorted to using the names of known government officials, claiming that these officials endorsed the use of their pla
FACT-CHECK: Are these bitcoin ads legitimate? How do I report them? mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published December 15, 2020, 5:30 AM
A Quezon City regional trial court has fined three persons a total of P2 million after being sued by the Securities and Exchange Commission (SEC) for illegally soliciting investments from the public.
In a decision dated 27 November 2020, the Quezon City Regional Trial Court Branch 90 found guilty beyond reasonable doubt Rolando R. Pascua, Jr., Celia Pascua, and Mary Jane P. Recto for violations of the Securities Regulation Code (SRC).
“Winning cases against perpetrators of fraudulent investment schemes affirm the Commission’s commitment to holding them accountable for their actions against our fellow Filipinos,” SEC Chairperson Emilio B. Aquino said.