BSP-Licensed TopJuan Denies Involvement in Defunct Crypto Schemes StableSwap, The Privilege Club

Editor’s Note (June 24, 2025):

This article was originally published on June 20, 2025, at 9:50 AM. BitPinas reached out to TopJuan Tech Corporation for comment prior to publication. While their email response was sent later that day at 3:44 PM, it was received only after the article had gone live.

In observance of fair and balanced reporting, and following legal consultation, this article was updated on June 24, 2025, to include a summary of TopJuan Tech Corporation’s response.

The article remains factual, balanced, and unaltered in its core reporting.

In its email reply sent to BitPinas, TopJuan stated the following items, summarized below:

• TopJuan acknowledged receiving the publication’s earlier inquiries and emphasized that their internal investigation revealed no active or direct participation by its President in the operations of StableSwap.
• TopJuan explained that its President was involved only in early-stage discussions for a potential partnership, which remained “inoperative, unexecuted, and thus, cannot be implemented.”
• Additionally, TopJuan confirmed receipt of a complaint-affidavit from the City Prosecutor’s Office and expressed confidence that the complaint is “baseless and malicious.”
• The company underscored that these allegations present reputational risk and that it takes the matter with “grave concern” as a regulated entity.

Original article below is updated to reflect statements sent by the TopJuan team:

Amid growing concerns from the crypto community, locally licensed Virtual Asset Service Provider (VASP) TopJuan Tech has denied any involvement with The Privilege Club and StableSwap, two defunct high-yield crypto ventures now facing scrutiny over reportedly missing funds amounting to more than $20 million.

TopJuan Tech is registered as both an Electronic Money Issuer (EMI) and Virtual Asset Service Provider, enabling TopWallet to support both digital asset services and fiat transactions under the Bangko Sentral ng Pilipinas (BSP)’s oversight. BitPinas has reached out to TopJuan for further comment, whose response was indicated earlier in this article as well as indicated within the body below.

What Happened?

A day after BitPinas reported the partnership between DvCode and TopJuan, several individuals claiming to be scam victims joined the BitPinas Official Community Group on Telegram alleging that TopJuan and its representative, Karl Coelho, were involved with the defunct projects StableSwap and The Privilege Club.

While Coelho’s name was not explicitly mentioned in the original report, some readers pointed to a photo in the article showing him shaking hands with DvCode CEO Eli Rabadon during a signing event.

The article was also misinterpreted by certain commenters as a partnership between BitPinas and TopJuan, which is incorrect.

Screenshots of alleged victim messages, while they appeared on a public forum, have been removed/redacted to respect data privacy considerations.

Legal expert Atty. Rafael Padilla, a member of the BitPinas Telegram group, stated he could not comment directly on the matter but advised the community to exercise caution and conduct due diligence.

TopJuan Clears Its Name, Denies Involvement (Updated with Email Reply)

(Updated with summary of TopJuan’s email response)

TopJuan Tech Corporation issued a public statement on June 20, 2025, denying any association with the collapsed platforms StableSwap and The Privilege Club.

In its emailed response to BitPinas, TopJuan acknowledged that its President, Mr. Karl Coelho, was involved in early-stage business discussions regarding a possible partnership with StableSwap. However, the company emphasized that these discussions remained, which TopJuan describes as “inoperative, unexecuted, and thus, cannot be implemented.”

TopJuan further clarified that Mr. Coelho has “no active and/or direct participation” in any unregulated operations associated with StableSwap and that the firm itself is not “affiliated, associated, connected, related, or in any way in partnership” with StableSwap or The Privilege Club.

The company also confirmed that it received a complaint-affidavit from the City Prosecutors’ Office but stated its legal team believes the filing to be “baseless and malicious.”

DVCode Releases Statement

Meanwhile, DvCode Technologies Inc. released a statement, confirming it is aware of circulating claims and is conducting an internal review. The company emphasized its ongoing commitment to building a responsible tech ecosystem and said it will “take appropriate steps based on facts and developments as they unfold.”

What are Stableswap and The Privilege Club?

Limited verified information is available at this time, as the platforms’ websites and social media accounts are offline. However, archived Medium posts suggest that The Privilege Club, formerly known as StableSwap, was a decentralized finance (DeFi) platform offering high-yield opportunities on stablecoins such as $USDT and $USDC.

The platform claimed to use OTC spreads, remittance fees, and on/off-ramp charges to fund returns. It reportedly offered fixed-term investment pools and daily returns up to 0.5%.

In a January 2024 YouTube livestream, a co-founder of StableSwap mentioned providing over-the-counter features in the Philippines in collaboration with TopJuan Tech.

TopJuan has since clarified that no such partnership was ever finalized.

This article is published on BitPinas: VASP-Licensed TopJuan Denies Ties to Collapsed StableSwap, Privilege Club

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