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- A Filipino investor lost ₱1.4 million after being scammed by a Singaporean national who enticed him to invest in a fraudulent cryptocurrency exchange.
- The victim initially invested $3,000 and was promised a 10% profit in less than five minutes, which led him to invest more than ₱1 million.
- The Philippine National Police Anti-Cybercrime Group is investigating the case and will file charges against the suspect after completing the necessary documents from the exchange. They also advised investors not to be greedy when encountering investment plans that promise high returns.
An alias George has asked for help from the Philippine National Police Anti-Cybercrime Group (PNP-ACG) after a Singaporean national enticed him to invest in a cryptocurrency exchange that turned out to be a scam and made him lose ₱1.4 million, GMA News reported.
According to George, he initially invested $3,000, or more than ₱150 thousand, but as he earned a positive 10% profit in less than five minutes, he was stimulated to invest more, which reached more than ₱1 million.
However, the victim shared that in December 2022, he realized that the crypto exchange was fraudulent when he suddenly lost access to his wallet on the exchange:
“Around December, suddenly, nawalan ako ng access doon sa wallet at doon na ako nagduda.”
[“Around December, I suddenly lost my access to the wallet (inside the exchange), and that is when I began to suspect.”]
As per the PNP-ACG, George’s money was found to be transferred to 100 different crypto wallets, adding that it will file appropriate charges against the Singaporean national after completing the documents needed from the exchange.
“We are now requesting the preservation ng data. Pag na-preserve na ‘yun, we will file a warrant to disclose computer data for us to be able to gather the information regarding the identity of the suspect for filing of appropriate charges,” PNP-ACG Spokesperson Police Captain Michelle Sabino explained.
[“We are now requesting the preservation of data. After the data is preserved, we will file a warrant to disclose computer data for us to be able to gather information regarding the identity of the suspect for the filing of appropriate charges.”]
Moreover, Sabino also advised investors not to be greedy when encountering investment plans that promise high ROIs:
“‘Wag tayong maging greedy, not just because of a promise of a very high interest or return of investment na napakabilis. Wala pong ganon; you are (just) made to believe, kasi nga, naniwala ka na, eh. (Sa ganitong sistema), lumalaki talaga ang pera mo. Pero once you start withdrawing, that is the only time na malalaman mo na na-scam ka because you cannot withdraw.”
[“Do not be greedy, not just because of a promise of very high interest or a return on investment in a short time. There is no such thing; you are just made to believe it because you are already believing it. In schemes like this, your money will really grow. But once you start withdrawing, that is the only time that you will realize that you have been scammed because you cannot withdraw.”]
This article is published on BitPinas: Pinoy Loses 1.4 Million Pesos After Investing in a Crypto Exchange Fraud
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.