Another Philippine financial institution issued a warning against Bitcoin Revolution’s alleged Ponzi scheme, accusing them of impersonating the country’s president as well as its finance and treasury officials.
According to the Department of Finance (DOF) in an alert issued on June 21, Bitcoin Code Revolution has been using the name of Finance Secretary Carlos Dominguez III to promote what the watchdog claims is a false „automatic crypto-currency trading platform.
The Philippine SEC warns that an international ponzi scheme offers a 300% daily return
False news as bait for investors
According to reports, the alleged scammers are spreading false news with an article claiming that the government has created a platform called „Bitcoin Lifestyle,“ complete with a false statement issued by President Rodrigo Duterte urging all citizens „to quickly learn about the Bitcoin lifestyle.
Malta’s financial watchdog warns of a Bitcoin scam that shares characteristics with a previously identified entity
Undersecretary of Finance Antonio Joselito Lambino II completely refutes that the Philippine government is promoting investments in cryptomonies and supporting the Bitcoin revolution. The DOF issued a statement:
„We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory measures.
Researchers in the Philippines track terrorist use of crypto-currency
Other warnings issued against Bitcoin Revolution
On 30 March, the Securities and Exchange Commission (SEC) of the Philippines warned that Bitcoin Revolution is a Ponzi scheme aimed mainly at Filipino, Australian and European investors. But the Philippines is not the only country issuing such a warning. The Malta Financial Services Authority (MFSA) issued an alert on 31 October last year, asking investors to be wary of what appears to be an international get-rich-quick scam.