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Scams Mushrooming in the Bitcoin-verse


A couple in the Philippines has been accused of running a bitcoin scam earlier this week. The Philippine National Police (PNP) have arrested Arnel and Leonay Ordania who have amassed approximately P900 million through a bitcoin investment scam.

The couple is accused of luring roughly 50 investors in their company, Newg, and they had promised 30% returns every 15 days. Rosanne Maglunog, a victim of the Ordania’s scam, invested P33 million into the scheme with her family and husband during November and December 2017. She had later discovered, via social media, that they will not be receiving any payoffs.

The PNP chief, Ronald dela Rosa, has told media that the couple was arrested on April 4th in an entrapment operation executed by the Criminal Investigation and Detection Group.

The tales of duping continue in Vietnam as Vietnamese media reports that protests were held outside the office building of Ho Chi Minh City-based company, Modern Tech. Reports have indicated that the company is accused of swindling VND15 Trillion ($660 million USD) from roughly 32,000 investors through two multi-level marketing ICOs, Ifan, and Pincoin.

Ifan investors were promised profits “on a daily basis” as prominent Vietnamese musicians were to join the platform, and assured that the company abided by Singapore’s regulatory guidelines. Pincoin was described as a project based in Dubai. Investors were promised monthly returns of 48%, a full recuperation of all investments in fourth months, and an 8% commission on revenue generated by referred investors.

In reality, seven Vietnamese nationals are said to have been behind both projects, with Modern Tech serving as a means to promote what were no more than multi-level marketing schemes. Whilst investors were able to see the ‘paper’ value of their investments rise, none were able to realize their profits in any form.


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