The Department of Finance (DOF) in the Philippines has issued a warning against the resurgence of the infamous Bitcoin Revolution digital currency scam. According to the DOF, the scam is using the names of prominent officials in the Finance and Treasury departments.
Bitcoin Revolution is one of the most widespread digital currency scams in the world. The scam lures investors with promises of quick riches, claiming to generate assured profits of up to $1,000 a day. It also boldly claims that it can make any user a millionaire in two months. It further relies on using the names and photos of celebrities and government officials to boost its credibility.
In the Philippines, it has been using the name of Finance Secretary Carlos Dominguez III. In its warning, the department stated, “We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action.”
Filipino investors have been the target of several other digital currency scams in the past. In May, the DOF issued a similar warning against a scam that claimed the government had launched a digital currency investment platform for the citizens. The platform, called Bitcoin Lifestyle, claimed to be sanctioned by Philippine President Rodrigo Duterte.
The DOF assistant secretary Antonio Lambino came out at the time to denounce the platform and warned the public against investing their money with such scammers. He urged investors to “exercise caution in their investments, and to keep their expectations of returns realistic.”
The DOF isn’t the only concerned regulator in the Philippines, with the country’s Securities and Exchanges Commission issuing a similar warning last week.
In its warning, the SEC warned investors against investing in any product that is not duly registered with the relevant regulators. Furthermore, “the quick and unrealistically high return promised by Bitcoin Revolution presents a red flag for a Ponzi scheme, an investment scam where investors are paid using funds contributed by the succeeding investors.”
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