Over 900 Million pesos worth of bitcoins been scammed.
Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) 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 in Vigan City last April 4 through an entrapment operation.
The scam, Obusan said, is structured like a pyramid scheme but with electronic money.
The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.
Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.
The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.
Will bitcoin be banned because of that?
I don't see that bitcoin be banned in the Philippines because those scam artist used bitcoin for their scheme, The government warn people to become aware because there's a lot of scam artist out there so better check the back ground of the person or company before investing money beside if you really want to invest on bitcoin better to buy it on exchange for sure it's more safe and secure. The government will put a regulation on that too and I think bitcoin will not be banned in the Philippines.
Yes right, the government provides information to avoid dealing with possible scam scheme, this already happened before using the same crypto currency but not really been exposed since bitcoin is not that valuable unlike today, this scammers will not end because they are seeing people who loves to take a risk to earned quick and easy money, its not the government but it is those who patronizing this scheme who should be banned and caught by proper authorities.