South Korean Linked in $33 Million Bitcoin Scam To Be Deported From Philippines

Despite being one of the favourable zone for Cryptocurrency, the Filipino authorities is devising efforts to contain the activities of the currency, and this time, it intercepted some foreign criminals who were alleged of involvement in Bitcoin Ponzi scheme.

While others, are on the run, the Police authority in the county have arrested two of the six individuals who were linked with the over $33 million fraud case where a South Korean investors was scammed.

It was reported that the operation which lasted for more than six months was kick started by the offenders in December 2015, and the Philippines immigration authorities, in relation to the case, will banish the international escapes.

The Philippines Police reckoned that five Chinese citizens and a Korean national pilfered millions of dollars from South Korean citizens with false claims, promises and Cryptocurrency simulations on a platform where investors were asked to purchase some Bitcoin, for an astonishingly profitable returns.

Contrary to the claims, the whole setup was just a prank to exploit the inexperience investors, with no Bitcoin in reality.

While the authorities of the country of the two citizens in relation to the scam have issued arrest warrants of the culprits after confiscated their passports, Go Yangsung (48), a South Korean citizen who is directly connected to the Ponzi scheme have been detained, and Lian Lolong (36) is being chased by the Chinese government.

Police has also confirmed that it is tailing the other four suspects that are on the run.

Not the first to gain grip in South Korea, the authorities of the country early this year intercepted a cryptocurrency pyramid scheme, after a scammer acquired $20 million worth of Bitcoin through the defrauding of a local investor in a similar manner.

Equally, in a recent claim, the most frequently used Ethereum dApp, which runs on a smart contract system comparable to BitConnect, was linked with a pyramid scheme.

So far, the popular dApp has developed to the extent which over $3 million transaction was executed on it last month.