PNP warns public vs crypto investment scam

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As the government and private companies start to release bonuses to their employees, the Philippine National Police warned that individuals and groups have already intensified their operation to lure people into putting their money to fake crypto investments.

One of them, according to Doria, is encouraging potential investors to download a specific Crypto App which when installed will require them to cash in their investments in digital wallets listed in the application. “When investors start to withdraw their money, the apps will not allow them to withdraw. This is how investors realize they have been victims of a Crypto Investment Scam,” he added.

“Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets,” Karspersky explained in its website.Police Lt. Col.

 

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