Quote from: davis196 on April 10, 2018, 06:11:23 AM

Quote from: brylle34 on April 10, 2018, 05:12:48 AM

Filipino couple amasses at least P900M in alleged Bitcoin scam

MANILA, Philippines Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.

Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives, the police division in charge of high-stakes and high-profile crimes.

According to Dela Rosa, the couple has scammed more than 50 unknowing investors, amassing wealth worth P900 million* in "raw capital." This means the amount of money promised to be returned is not yet included in the computation. Rappler.com

click the link for more info https://www.rappler.com/nation/199915-filipino-couple-amasses-millions-bitcoin-scam
if there are people who scam with bitcoin, The 1st impression of investors here in the philppines will look at bitcoin as scam. -_-

I thought that cryptocurrency trading and investing is banned in the Philippines.
Well,I guess thats why we need all ICOs and crypto trading platfoms to comply with more regulations and
reveal more information about their owners and devs.This case is just a random HYIP/ponzi scheme.They could easily scam people,promising insane profits from any other altcoin,but I guess that there`s still some hype around bitcoin.People believe that they could make huge profits overhight from btc,in reality, it`s not that easy anymore.

Bitcoin is not banned on the country of the Philippines in fact there are applications that uses bitcoin to pay bills buy gaming credits, send cash, money transfer etc. but there are rumors that when you connect your app (bitcoin app) to encash money through bank accounts, the bank accounts you are using will be banned without prior notice they will just say that they will close your accounts if you are using it with bitcoin or any related crypto currency. But there are banks that you can use to get fiat from bitcoin