Two foreign citizens were arrested in operations conducted by the Philippines Immigration Bureau’s fugitive search unit (FSU). The two will be deported for defrauding South Korean investors of more than $33 mln in a Bitcoin pyramid scam.
Promising huge returns in no time, the scam sold non-existent Bitcoins to investors. The two in charge of it, one a citizen of South Korea and the other of China, had their passports already revoked by their governments.
“We reiterate our warning to all foreign criminals who are hiding in the country that the long arm of the law will eventually catch you and we will send you back to your homelands,” the Immigration Bureau chief said.
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Alex Dovbnya
Vladislav Sopov
Dan Burgin