An overseas Filipino worker in Hong Kong allegedly lost over P5.5 million that she invested in cryptocurrency through social media.
In the GMA News Feed video, the Pinoy OFW, who went by the name Joy, said that the person who encouraged her to invest in cryptocurrency promised her that she would earn money if she sent small amounts to several bank accounts.
In the first transactions, some money was allegedly returned to Joy, so she was encouraged to continue sending money until it reached a million pesos thinking that her struggling savings would grow even more.
Within a few days, Joy's money was said to have reached over P2 million. But when she decided to take her money, she was paid 20% of the value of her investment.
There, Joy realized that something was wrong with the investment she had entered, and she decided to report it to the police.
Up to 25 suspects have been arrested in connection with the cryptocurrency scam. And some of them are Filipinos who are also allegedly involved in the “love scam.”
Joy lost more than P5.5 million in the cryptocurrency investment scam.
Cryptocurrency is a digital currency that exists with the help of cryptographic systems. It is not recognized in many countries, unlike physical currency.
OFW allegedly lost over P5.5 million in cryptocurrency scam
But it is one of the popular ones used in trading and investment. And due to the lack of face value and government regulation, the authorities warn investing in cryptocurrency is risky, so extra caution and sufficient knowledge are needed.
In March, Bureau of Immigration (BI) shared that cryptocurrency scam syndicates have been using social media platform Tiktok to lure aspiring Filipino overseas workers.
BI Commissioner Norman Tansingco shared that they have uncovered the modus during their interview with 8 repatriated overseas Filipino workers (OFWs) from Cambodia.
They were reportedly rescued from their company through the help of the Philippine Embassy and Senator Risa hontiveros. All 8 passengers were assisted by officials from the overseas workers welfare administration and the Department of Migrant Workers after undergoing immigration clearance.
The victims recounted that they were recruited after coming across advertisements on messaging and social media platforms Telegram, Facebook, and Tiktok.
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