The Philippines Securities and Exchange Commission (SEC) released an advisory against MASA MART for encouraging the public to invest in a digital currency called XUM TOKEN or XUMCOIN, which stands for X for cryptocurrency United Masa, a rebrand of UMC or “United Masa Coin,” without the necessary licenses to do so.
According to the SEC report, the scheme was being promoted online through different applications/website:
a) UMCautobot, XUM/USDT/BOT and XUMUSDT_BOT;
b) XUM Wallet App, which, in turn, is promoted by XUM Foundation and XUM Exchange Ltd.
c) Websites such as https://xumexx.info, https://app.xumex.com, https://exchange.xumchain.com and https://xumchain.com
Its agents and promoters are promising that the token value of Php 5.00 will increase up to Php 50 to Php 70 by next year. If holders stake (the idea of locking their coins & not selling it at a certain period of time) their token, it will generate six (6%) up to fifteen (15%) profit based from their total capital.
SEC highlights that XUM Token or XUMCoin is not listed or not posted in World Coin Index and CoinMarketCap and that it’s not tradeable compared to tokens listed in exchanges regulated by the Bangko Sentral ng Pilipinas (BSP).
SEC informs the public “NOT TO INVEST or STOP INVESTING in any scheme offered by any entities operating under TBCMMP MASA MART INC., MASA MART BUSINESS CENTER OPC, MASA MART ENTERPRISE OPC, MASA MART BUSINESS CENTER, MASA MART FOREX GENERAL TRADING, MASA FOREX GENERAL TRADING LLC, MASA MART FOREX GENERAL TRADING LLC-UAE & XUM FOUNDATION and such other entities engaged in similar activities or initial coin offerings & digital asset trading which are not compliant with the BSP and the Commission.”
SEC also confirmed that this is a ponzi scheme and warned that those people who act as salesmen, brokers, dealers or agents may be criminally prosecuted & penalized with a minimum fine of Five Million pesos (Php 5,000,000) or be penalized by Twenty-one (21) years of imprisonment or both pursuant to Sections 28 & 73 of the SRC.
Anyone with information about Masa Mart or XUM Token business operations of its agents or representatives are encouraged to report it to the SEC via firstname.lastname@example.org.
This article is published on BitPinas: PH SEC Advisory Against MASA MART – XUM TOKEN – Investment Scheme