DOF Philippines warns Bitcoin Revolution uses government officials’ names to spread fake news endorsing their business

According to the Department of Finance (DOF) of the Philippines, Bitcoin Revolution has been using the name of Secretary of Finance Carlos Dominguez III to promote what the watchdog claims are a fake cryptocurrency auto-trading platform. Therefore, the DPG issued a warning against Ponzi Bitcoin Revolution, accusing them of impersonating the country’s president, as well as financial and treasury officials.

dof-philippines-warns-that-bitcoin-revolution-scam

DOF accusing Bitcoin Revolution of impersonating the country’s president

The alleged crooks are spreading fake news with an article claiming the government has created a platform called Bitcoin Lifestyle. In it, the impersonator of President Rodrigo Duterte is urging people to learn about Bitcoin Lifestyle quickly.

Assistant finance secretary Antonio Joselito Lambino II completely refutes that the Filipino government is promoting cryptocurrency investments and endorsing Bitcoin Revolution. The DOF issued a statement:

“We warn those behind these unscrupulous and unauthorized investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action.”

Bitcoin Revolution has also been warned about fraud many times before. In particular, on March 30, the Philippine Securities and Exchange Commission (SEC) warned that Bitcoin Revolution is a Ponzi scheme primarily aimed at Filipino, Australian and European investors. But the Philippines is not the only country to issue such a warning. The Malta Financial Services Authority (MFSA) issued a warning on October 31 last year, asking investors to remain cautious against what it seems to be an international get-rich-quick scam.

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