Scammers haven’t taken a break— even amid the pandemic — and are giving cryptocurrency a bad name. In August 2020, the Department of Finance revealed that the name of Secretary Carlos Dominguez III was used to promote a fake cryptocurrency auto-trading platform called “Bitcoin Revolution.”
Some of these cryptocurrency fraudsters employ Ponzi or pyramiding schemes that use the income from new participants to pay out returns to earlier investors. Others use internet-based, instant-messaging platforms, such as Telegram and Messenger, to target people interested in cryptocurrencies. This also applies to ads and posts you see online. According to the DOF, some of their staff have observed similar investment ploys using the names of prominent Finance and Treasury officials in other countries and Filipino celebrities in an attempt to dupe the public into falling for the scam.Fend fraudsters off by doing your own research. Check out SEC’s advisories on investment scams.
“Forsage” claims of an Ethereum blockchain technology-based platform, which supposedly provides long-term active and passive income to investors through a crowdfunding referral system.