2024

Solana

Philippine authorities conducted a predawn raid on a Chinese-run scam center in Manila on August 22, arresting nearly 100 individuals involved in crypto and romance scams.
Philippine police <a href="https://www.barrons.com/news/philippine-police-raid-chinese-run-scam-centre-36f6315b" data-type="link" data-id="https://www.barrons.com/news/philippine-police-raid-chinese-run-scam-centre-36f6315b" target="_blank" rel="noopener noreferrer nofollow">raided</a> a Chinese-run scam center in Manilla, <a href="https://crypto.news/tag/philippines/" target="_blank" data-type="link" data-id="https://crypto.news/tag/philippines/" rel="noopener noreferrer nofollow">Philippines</a>, on August 22, arresting dozens of Filipino and foreign workers who were tricking people into fraudulent investments, according to Barrons.&nbsp;
The center was operating crypto and romance scams. This consists of scammers pretending to be wealthy models to lure victims into investing on a trading platform. The center, operating under the guise of a licensed online gaming company, was targeted after intelligence reports confirmed the existance of fraudulent activities.&nbsp;
The raid took place at Centrium Tower 1 in Parañaque City, where 64 foreign nationals, including 56 Chinese citizens, were apprehended. Among those arrested were the center’s manager, owner, and supervisor, all of which are Chinese nationals. Additionally, 32 Filipinos were detained, some of whom claimed they were coerced into working as scammers. The total number of arrests at the time of writing is 99 people.
Earlier this year, the Philippine Securities and Exchange Commission <a href="https://crypto.news/philippines-to-introduce-crypto-regulations-in-2024-says-sec-chair/" data-type="link" data-id="https://crypto.news/philippines-to-introduce-crypto-regulations-in-2024-says-sec-chair/" target="_blank" rel="noopener noreferrer nofollow">announced</a> plans to introduce crypto regulations in late 2024 to enhance investor security and regulate trading platforms. This move follows a crackdown on unlicensed crypto service providers, including a ban on <a href="https://crypto.news/tag/Binance" rel="noopener noreferrer nofollow">Binance</a> and efforts to remove its app from major app stores.
You might also like: <a href="https://crypto.news/binance-accused-of-acting-as-get-away-driver-in-new-crypto-laundering-lawsuit/" rel="noopener noreferrer nofollow"> Binance accused of acting as ‘get-away driver’ in new crypto laundering lawsuit </a>
<h2 class="wp-block-heading" id="crypto-illicit-activities">Crypto illicit activities</h2>
During the raid, police reported that the center employed customer service representatives who posed as wealthy models to entice victims into investing in the fraudulent trading platform. Rooms equipped for indecent shows were also discovered, highlighting the extent of the illicit activities.
This crackdown follows President Ferdinand Marcos Jr.’s <a href="https://apnews.com/article/china-philippine-online-gaming-operators-pogo-f19655d690b00524a0bec41e04b4e608" target="_blank" data-type="link" data-id="https://apnews.com/article/china-philippine-online-gaming-operators-pogo-f19655d690b00524a0bec41e04b4e608" rel="noopener noreferrer nofollow">recent ban</a> on online gaming operators due to their links to <a href="https://crypto.news/tag/scam/" target="_blank" data-type="link" data-id="https://crypto.news/tag/scam/" rel="noopener noreferrer nofollow">scams</a>, human trafficking, and other crimes. Authorities believe numerous illegal gambling entities and some licensed operators are engaged in similar fraudulent schemes.
Charges under the Cybercrime Prevention Act of 2012 and the Securities Regulations Code are being prepared against those arrested.
You might also like: <a href="https://crypto.news/mcdonalds-instagram-hijacked-in-25m-solana-grimace-scam/" rel="noopener noreferrer nofollow"> McDonald’s Instagram hijacked in $25m Solana ‘GRIMACE’ scam </a>

Crypto scam: 99 arrested in Philippine raid on Chinese-run center

Table of Contents

crypto.news

Other articles published on Aug 22, 2024

Fed Minutes Announcement Boosts Bitcoin and Altcoins

Floki Becomes Official Partner of Nottingham Forest for Premier League 2024/2025 Season

What is the Recent Paradigm-Funded Reddio Network?

Cryptocurrency and the Presidential Election Race

Binance and CZ Face Lawsuit in Seattle Federal Court Over Alleged Money Laundering Practices

SEC Halts Submission of 19b-4 Form for Solana ETF Amid Security Classification Concerns

Join our free newsletter for daily crypto updates!