Crypto King Re-Arrested in ₱600M Fraud Case

The Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) has arrested a suspect known as the “Crypto King,” after he was released in 2023 for posting bail.

Key Details: In a press conference held at Camp Crame, Quezon City, PNP-CIDG Director for National Capital Region Col. Marlon Quimno said “Crypto King” was arrested in Barangay San Juan, Noveleta, Cavite, on October 7, 2024, at 8:00 p.m.

• He was served with two arrest warrants issued by local courts in the cities of Makati and Parañaque for the case of estafa under Article 315 of the Revised Penal Code.

Key Quote: 

“It was not just a simple cryptocurrency scam. He is also using the money in casinos. He would entice victims and then he would not return the money. This is why this is a big case and this was reported previously by the media and the victims of this personality include some media personalities, police officers and government employees who were victims and true enough, the person concerned is detained here in our facility,”

Col. Marlon Quimno, Director for National Capital Region, Philippine National Police-Criminal Investigation and Detection Group

The Big Picture: In September 2023, a man was arrested for allegedly swindling over ₱100 million through a crypto scam and was dubbed the “Crypto King.” However, in the recent re-arrest, local media reports have only identified the person by the alias “Joshua,” leaving it unclear whether they are the same individual.

• The cases he faced at that time were bailable, according to Quimno, where Tamayo bailed ₱54,000 and was released. 
• This led his victims to file again estafa cases in the local courts of Makati and Parañaque.
• As of this writing, as more victims have testified against him, Quimno estimated that the suspect’s total scammed funds have now reached around ₱500 million to ₱600 million.

What’s Next: Quimno is calling for more victims to testify against the suspect so the police can file a case of large-scale estafa case against him, which is a non-bailable offense.

This article is published on BitPinas: Crypto King Re-Arrested in ₱600M Fraud Case

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