Philippine authorities are set to deport foreign nationals that are wanted in South Korea for bitcoin scams.
Go Yongsung, 48 years old, and 5 other suspects were arrested due to a large-scale bitcoin fraud. According to reports, Mr. Go and his colleagues lure investors in South Korea into investing in non-existent bitcoins. The victims were enticed through the promise of huge profits from these bitcoins. The crime happened between December 2015 to June 2016.
During that period, bitcoin’s value has increased from $356 to $763.
The criminals, however, did not invest them in bitcoins. Bitcoins were just used as a lure to defraud the investors of their money.
Go Yongsung was arrested on September 25, 2018 in Las Pinas City. Go used a company they operated in Pasay City as a front for their scam.
Another foreign national, Lian Lilong, 36 years old, was arrested and to be deported to China for economic crimes in his country.
In April 2018, authorities have arrested the masterminds behind a Php 900 million bitcoin scam. More recently, the Philippine Securities and Exchange Commission has issued warnings against illegal investment schemes operating in the country.
Source: Manila Bulletin