Filipino crypto scammers are impersonating government officials for profit

A Filipino finance entity warns against the supposed crypto Ponzi scheme Bitcoin Revolution, blaming them for impersonating the country’s president, as well as some other government officials.

The Filipino Department of Finance warned citizens that Bitcoin Revolution is spreading fake news by impersonating Treasury and financial officials https://t.co/Ymq5nbQzZR

— Cointelegraph (@Cointelegraph) June 22, 2020

According to the Department of Finance (DOF), the Bitcoin Revolution has been using the name of Carlos Dominguez III, the Secretary of Finance for the promotion of what the regulator claims are a false “cryptocurrency auto-trading platform.”

The accused are spreading false news claiming that the government has created a platform called “Bitcoin Lifestyle,” along with a hoax statement by the President Rodrigo Duterte, emphasizing everyone to enlighten themselves about Bitcoin Lifestyle quickly to get involved.

Antonio Joselito Lambino II, the Assistant finance secretary completely rejects the claims of the scammers regarding the government supporting cryptocurrency investments and endorsing the Bitcoin Revolution. The DOF stated:

“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 action.”

The Philippines Securities and Exchange Commission (SEC) on March 30 warned that Bitcoin Revolution is a con job mostly directed at Filipino, Australian and European investors. Last year, the Malta Financial Services Authority also urged the investors to remain careful of the supposed international get-rich-quick scam.