Philippine Stock Exchange Flags Fraud Crypto Investing Scheme With its Logo

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

August 12, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The Philippine Stock Exchange (PSE), has warned users over a crypto investing scam, which carries the PSE’s logo and name. the fraudulent crypto scheme has purportedly advertised about its investing in the PSE.

Per the warning published Friday, the fake firm potentially lured local investors to register and create an account via a legit-looking website. The perpetrators also carried out online advertisements about the fake crypto investments.

The investors that showed interest in the scheme were contacted through messaging apps; the statement read. After showing some fake investment gains, the bad actors further asked the investors to increase their amounts through e-wallets.

Further, the scammers sent messages to investors that they entered wrong order, leading to losing the account’s withdrawal password.

“The scammers will offer to consult with PSE’s customer service on how to address the issue,” the bourse noted. “The solution provided is to create a new account that requires a new deposit and completing new tasks.”

The scammers and investors had a Telegram group for investment communications. When investors complained about their accounts being inaccessible, the Telegram group had few other “members” that appear to be in the same predicament. However, these members are an ally to the scammers and showed that they are able to withdraw funds.

“The public is advised that PSE neither owns nor operates the website, it does not sell cryptocurrencies, it does not have a ‘customer service’ team and its employees or agents do not advertise or promote, for purposes of investment, cryptocurrency.”

Philippines’ Previous Crypto Scam Warnings

The Central Bank of the Philippines (BSP), in July, issued a public warning regarding scams involving artificial intelligence-manipulated videos and audio promoting cryptocurrency investments.

The BSP also encouraged public to verify social media posts’ authenticity and to report suspicious activities.

In June, the Philippines Securities and Exchange Commission (SEC), issued an advisory, warning the public against investing in Skyline Crypto and Dry Goods Trading. The nation’s markets watchdog indicated it as a potential Ponzi scheme.

Crypto scams are proliferating in the Philippines, causing financial harm to investors. Last year, the Philippines SEC collaborated with US counterpart to address the escalating issue of crypto scams. The partnership highlighted the severity of a growing problem in terms of crypto-related fraud.