Cryptocurrency scam victim loses P1.4M

A victim of an alleged cryptocurrency scam sought the help of authorities after losing around P1.4 million, Chino Gaston reported on “24 Oras” on Monday.

George (not his real name) said he was lured by a Singaporean national to invest in the supposed fake cryptocurrency exchange.

He initially put up $3,000 or P100,000 but was encouraged to invest more after his money earned 10% in less than five minutes.

“Around December suddenly nawalan ako ng access dun sa wallet at dun na ako nagduda,” he said.  (I lost access to my wallet around December. That’s when I doubted its legitimacy.)

Searching the Internet, George said he found other individuals who fell victim to the scheme.

“Eventually parang na-victimize din sila ng scheme and currently may mga iba pang nag-comment...currently may tatlo pa na naging victim ng same scam,” he added.

(They were victimized eventually. There were comments from other people who fell victim too. Currently, three other persons have been scammed.)

George sought assistance from the Philippine National Police Anti-Cybercrime group (PNP-ACG) and found his money was transferred to 100 different digital wallets and accounts.

The PNP-ACG said it is completing the documents from the cryptocurrency exchanges before filing appropriate charges against the suspect.

“We are now requesting the preservation ng data. Pag na-preserve na yun we will file a warrant to disclose computer data for us to be able to gather the information regarding the identity of the suspect for filing of appropriate charges,” said PNP-ACG Spokesperson P/Capt. Michelle Sabino.

(We are now requesting the preservation of data. After that, we will file a warrant to disclose computer data for us to be able to gather the information regarding the identity of the suspect for filing appropriate charges.)

Sabino also advised the public to be vigilant, especially against transactions claiming to provide “very high interest or return of interest” in a short period of time.

“Wag tayong maging greedy. Not just because of a promise of a very high interest or return of investment na napakabilis. Wala pong ganon. You are made to believe. Kasi nga naniwala ka na eh. Lumalaki talaga ang pera mo pero once you start withdrawing that's the only time na malalaman mo na na-scam ka because you cannot withdraw,” she added.

(Let’s not be greedy. Do not believe claims promising very high interest or return of investment in a short period of time. That’s impossible. You are made to believe. You will see your money grow, yes, but the problem starts once you attempt to withdraw. You’ll realize it’s a scam because you cannot withdraw your money.) -- Sherylin Untalan/BAP, GMA Integrated News