PUBLIC ADVISORY: PHILIPPINE EMBASSY IN SEOUL ISSUES WARNING ON CRYPTOCURRENCY TRADING SCAMS
It has come to the attention of the Philippine Embassy in South Korea that some members of the Filipino Community have fallen victim to scams linked to cryptocurrency trading.
Members of the Filipino Community in South Korea report losing their hard-earned money after being lured to join an online cryptocurrency trading company which promised 25 to 100 percent profit and weekly payouts. In the first couple of months, the victims reportedly doubled their money. This lured them to steadily increase their “investments” into cryptocurrency trading as well as to recruit friends and family to join the scheme. However, the company started missing its weekly payouts and the victims eventually lost contact with the company’s representatives in South Korea who reportedly absconded without returning their investments.
Cryptocurrency are digital or virtual currencies that only exist online such as bitcoin, etherium, litecoin, ripple, among others. Although cryptocurrency reportedly has huge earning potential for early investors, authorities warned that it is an unstable investment and is currently unregulated.
In light of the foregoing, the Philippine Embassy warns the public to be vigilant and beware of scams involving cryptocurrency.