Philippines SEC Releases Warning About Crypto Ponzi Scheme Offering Three Hundred Percent Daily Returns

The Securities and Exchange Commission of Philippines has recently released a warning about a digital asset Ponzi scheme targeting investors and users from several nations including Australia, Europe, and Philippines.

The plot, dubbed Bitcoin Revolution asserts to have a software that does trades with an achievement rate of between eighty eight percent and ninety five percent, thus presenting a roadway to an alleged 7-figure status over just sixty-one days. From an initial deposit of just two hundred and fifty USD, the fraudster claims that investors can earn three hundred percent per day or nine thousand percent per month.

The Securities and Exchange Commission warns that those who claim to be brokers, salesmen, agents, or dealers of the Bitcoin Revolution, including through online solicitation and recruitment, will face up to twenty-one years detention and or up to one hundred thousand USD in fines alongside sanctions laid by the SEC.

Furthermore, the Philippines’ regulator claims that the aforementioned scheme is offering unregistered securities in the form of investment contracts to the public in deliberate abuse of Philippine securities laws. As per the regulator, the scheme is not registered as a company with the Securities and Exchange Commission. Also, it does not possess any licensing from the Philippines central bank to operate with cryptocurrencies.