Carlos Dominguez, Department of Finance (DOF) secretary, has sought the assistance of the Department of Justice (DOJ) amid the series of false information involving the fraudulent use of the finance chief’s name to promote a fake cryptocurrency auto-trading platform called “Bitcoin Revolution.”
In a letter to Menardo Guevarra, DOJ secretary, dated July 28, 2020, Dominguez said while the incident has been reported to Facebook to prevent the spread of such scams, the perpetrators may still continue to seek other ways to pursue their malicious activities.
“Thus, we request the assistance of the DOJ Cybercrime Office to track, identify, and prosecute those responsible for these posts,” Dominguez said.
Earlier, the DOF said it has observed similar investment ploys using the names of prominent finance and treasury officials in other countries as well as Filipino celebrities in an attempt to dupe the public into falling for the scam.
The DOF also urged the public to report this and other similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission, with telephone number (02) 8818-5704.
Last May 19, the DOF warned the public about fake news and malicious misinformation alleging that the Philippines is creating “a platform for the citizens of the Philippines to start generating income with cryptocurrency.”
Peddlers of such fake news have alleged in an article that the government has created a platform called “Bitcoin Lifestyle” and that President Duterte “is urging all citizens of Philippines to learn about Bitcoin Lifestyle quickly to get involved.”
Antonio Joselito Lambino, DOF assistant secretary, has made it clear that “there is no such effort by the government.”
The fake news also suggested that “the government of Philippines asserts that tax revenues (from Bitcoin Lifestyle) will be huge and will benefit all citizens, and most of it will go to the financing of Philippines’ retirement and to counteract the crisis of learning support services.”
Lambino said this is false and urged the public “to exercise caution in their investments, and to keep their expectations of returns realistic.”