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Philippines Probes Potential Pyramid Scheme

It has been a while since we last saw any major developments in the Philippines cryptocurrency industry. Although crypto is still very popular in the Philippines, it has become evident that criminals are also paying closer attention to this ecosystem. Justice Secretary Vitaliano Aguirre II wants to investigate one cryptocurrency company falsely claiming to have partnered with the country’s senate.

Malicious Crypto Companies are popping up Everywhere

It is not entirely surprising to see some shady cryptocurrency companies use nefarious tactics to attract more attention. This is especially true for Philippine Global Coin, as this firm is making some very bold claims. The firm claims to have partnered with the country’s senate, even though there is no such deal in place as of right now.

Instead, it seems this company is trying to attract more investors in this potential pyramid scheme. With the National Bureau of Investigation now ordered to investigate the company, it will be rather interesting to see what this investigation turns up. The name of the firm itself makes it very difficult to trust this company, as it sounds very similar to what OneCoin and BitConnect have been trying to achieve in the past.

It is also unclear what the company is offering exactly. Not only did they misrepresent their alleged senate partnership, but their “token” can also be considered to be a security. After all, the company makes bold claims as to how investors will make up to 40% profit by buying into Philippine Global Coin, which is a bogus claim. It also fuels more speculation that this is a pyramid scheme first and foremost.

Although the name of this company would suggest their new virtual currency is designed for the Philippines, they will need approval from the government before embarking on such a venture. As of right now, there is no official deal in place between Philippine Global Coin and the Senate, nor will there be at any point in the future. More importantly, the country will not be getting its own virtual currency, which should not come as much of a surprise to anyone.

While companies making bold claims is nothing new in the world of cryptocurrency, purposefully mislabeling partnerships is borderline criminal. Unfortunately, it is not unlikely that we will see more of those fake announcements in the future, as a major “deal” often tricks novice enthusiasts into investing in such firms. It is evident that Philippine Global Coin wants to get as much money from investors as possible.

All of this goes to show that the ICO and cryptocurrency industry continues to attract a lot of criminals. There’s no reason to think that situation will change in the future, even though it is not hard to see that most of these efforts will be futile in the end. Once people start to properly conduct their own research before throwing money at random companies, scams like these will eventually disappear – that is, until criminals come up with a brand-new method to exploit novice enthusiasts.

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