99 Suspects Arrested in Philippine Cryptocurrency Scam

IconCryptoNewsTerminal Staff23 Aug, 2024

cryptonews.jpg

99 Suspects Arrested in Philippine Cryptocurrency Scam

The Philippine National Police (PNP) announced the arrest of 99 suspects in a cryptocurrency “pig butchering scam” in Parañaque City on Tuesday, January 17. The suspects allegedly enticed investors into a fake cryptocurrency trading platform via a company called AIA, which is not registered with the Securities and Exchange Commission (SEC) of the Philippines. A “pig butchering” scam is a type of fraud wherein the perpetrators establish trust with their victims before convincing them to deposit their assets into fake cryptocurrency wallets or websites that the scammers control. The suspects are facing charges of syndicated estafa or fraud, a non-bailable offense in the Philippines. This incident highlights the importance of being vigilant against cryptocurrency scams. Investors should only invest in platforms that are regulated by reputable financial authorities and should always exercise caution when dealing with unsolicited investment offers.

Related News