The Criminal Investigation and Detection Group of the Philippine National Police (PNP) has arrested three individuals for allegedly running off with millions worth of pesos in a cryptocurrency investment scam.

As reported by GMA News, a warrant of arrest was served to a certain Warren Dela Peña who, despite being only 24 years old, had apparently managed to become the chairman and chief executive officer of a Bitcoin trading company called CFX Markets Ltd.

A vice-president and a board member of the company were also arrested. All three are facing charges of syndicated estafa.

According to victims, which include an overseas worker, a businessman, and a seaman, Dela Peña would draw in interested investors into a get-rich-quick scheme that promises a 30-percent return every month. Another victim was promised he’d get back his money once he makes another investment.

The guaranteed high returns and the pressure to reinvest are clear signs of a Ponzi scheme. It’s one of many scams out there preying on unsuspecting people who are all too eager to make it big on cryptocurrency without taking necessary precautions.

Join the Conversation


Your email address will not be published. Required fields are marked *

  1. Cryptocurrency is now everywhere and even in gambling. and fraud is very common. Therefore, be careful when choosing an online casino. We can provide you with a list of online casinos that accept cryptocurrencies

  2. Sir good evening. There is another platform call intime tax refund. Hundreds of people were victims of this group. What can you say about this.