Philippines to Deport Bitcoin Scammers to South Korea

Please share and grow the BitPinas community.

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

Event:

Please share and grow the BitPinas community.

Join and subscribe to stay up to date
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
shares