Philippine SEC Warns of International Ponzi Offering 300% Daily Returns
cointelegraph.com
The Philippines Securities and Exchange Commission (SEC) warned of a crypto Ponzi scheme targeting Filipino, Australian, and European investors on March 30. The scheme, Bitcoin Revolution, comprises a classic Ponzi in which investors are offered exorbitant compounding daily returns on deposited funds.
The regulator asserts that Bitcoin Revolution is offering unregistered securities in the form of investment contracts to the public in blatant violation of Philippine securities laws. Ponzis use fake celebrity endorsements to advertise on social media Like many ponzi schemes, Bitcoin Revolution is promoted on social media using fake celebrity endorsements and news stories.
Read in Full: cointelegraph.com
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