A large network of Bitcoin sc@mmers are allegedly operating in the Philippines, according to a victim who was previosly involved in the cryptocurrency investment pyramiding scheme. A video containing detailed explanation of the Bitcoin sc@m is circulating online.
Xian Gaza released a video clip on a Facebook page which gives full explanation of the illegal business being operated by an alleged group of influential syndicate in the country. He also claimed that the group released a bounty of P5 million pesos so he can be captured immediately. Xian mentioned that he went hiding after learning the big amount issued for his arrest.
Gaza said he is afraid to approach any local authority because he believes many officials are affiliated to the mega sc@m of Bitcoin investment in the Philippines.
Full explanation of the Bitcoin sc@m
Gaza illustrated the operation of the syndicate. He started by saying that the group intelligently searched for reliable operators. These operators have multiple systems being used as a front. Xian said that the most common strategy of the operator is by maintaining their own websites which allows investors to create accounts and giving login access to their dashboards that displays the interests of their investments. The operators are also highly skilled in using social media platforms to attract more investors.
In addition, Gaza explained how the operators establish a network of agents who find additional investors. At the middle part of the video, Xian explained the "pool" of money and "laudering" mechanism of the group.
Watch the video to understand the concept of the alleged Bitcoin sc@m business.