The Department of Finance (DOF) of Philippines has issued a fresh warning against the resurgence of the infamous digital currency scam by the name Bitcoin Revolution. Bitcoin Revolution is among one of the fast-spreading crypto scams in the world. The crypto scam lures investors with promises of higher returns, claiming to generate assured profits of up to $1,000 a day. Bitcoin revolution boldly claims that it can make any investor a millionaire within two months. The scam falsely uses the names and photos of celebrities and government officials to look credible.
Philippines authority issues warning against the scam.
In the Philippines, the Bitcoin Revolution has been using the name of Finance Secretary Carlos Dominguez III to boost credibility. In its warning, the Department of Finance stated that they warn those behind these illegal and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action against them. Earlier, the government issued a warning against a similar scam by the name Bitcoin Lifestyle. The crypto scam claimed the government had launched a digital currency investment platform for the citizens and Philippine President Rodrigo Duterte sanctioned it.
Crypto scams surge amid the ongoing pandemic.
Earlier, the Federal Bureau of Investigation had issued a warning against the potential surge in crypto scams. The cybercriminals are tailoring their pitch according to the situation and luring in victims, who eventually lose their investments. The Department of Finance isn’t the only concerned regulator in the country about crypto scams, the Securities and Exchanges Commission issuing a similar warning this month. The SEC warned investors against investing in any product that is not duly registered with the relevant regulators. Crypto scams all over the world have increased as cryptocurrencies continue to get mainstream attention.