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برچسب: Scam

  • SEC-Davao: Four Entities Under Monitoring Over Alleged Involvement in Crypto Scam

    SEC-Davao: Four Entities Under Monitoring Over Alleged Involvement in Crypto Scam


    Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.

    As part of a broader crackdown on online financial fraud in the region, the Securities and Exchange Commission (SEC) in the country’s 16th region, or the Davao Region, said that it is monitoring four entities suspected of involvement in cryptocurrency scams.

    Crypto Scams in Davao

    SEC-Davao Director Atty. Katrina Jamilla Ponco-Estares revealed during a business forum on June 20, 2025, that these entities are mostly unregistered and operate solely online, using digital platforms, like e-wallets, to solicit investments. 

    “More on online ang mga scams ngayon. At mostly hindi registered sa SEC at mostly sa online lang. Meron kaming makikita online na invitation to the public to invest.” 

    Atty. Katrina Jamilla Ponco-Estares, Director, Securities and Exchange Commission-Davao

    [Translation: “Most scams today are done online, and most of them are not registered with the SEC. We are seeing them inviting the public online to invest.”]

    Ponco-Estares said most cryptocurrency scams they monitor are hard to trace due to lack of evidence and the scammers’ reliance on social media and online platforms.

    Photo for the Article - SEC-Davao: Four Entities Under Monitoring Over Alleged Involvement in Crypto Scam
    SEC-Davao Director Atty. Katrina Jamilla Ponco-Estares udring the business forum.
    Photo courtesy of MindaNews.

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    In addition, between January and June 2025, SEC-Davao received 11 complaints related to investment scams and 77 complaints involving illegal lending and financing activities across the region.

    Among the tactics used by scammers is the “advance fee loan” scheme, where targets are enticed via social media ads and asked to pay upfront fees such as processing or registration charges before receiving nonexistent loans. 

    Ponco-Estares then warned that some lending apps appearing legitimate are in fact short-lived operations meant to exploit users. She said many victims seek assistance only after scammers begin harassing them, and formal investigations are often hampered when some victims become unavailable, making some cases lack enough information to solve these reports.

    To protect the public, SEC-Davao shared that it issued multiple advisories and is working closely with local government units and police stations through existing anti-scam units. 

    The director also urged the public to verify the registration of any investment or lending platform through the official SEC website and to remain cautious of too-good-to-be-true offers online.

    Regulators’ Move Against Unregistered Crypto Entities and Scams

    On May 13, 2025, the Philippine National Police (PNP)-Anti-Cybercrime Group (ACG), in coordination with the SEC, arrested five individuals in Pangasinan for allegedly running an unregistered cryptocurrency investment scheme through an entrapment operation.

    Also in the same month, a Cebu-based call center posing as a crypto investment firm was exposed for running an international scam using AI and fake $BTC trading, after a hacker infiltrated its systems and revealed evidence via CCTV, prompting a government investigation and temporary shutdown of the operation.

    Following the exposé, local law enforcement conducted a site inspection, issued a show cause order, and began securing a cyber warrant to examine abandoned computers while urging employees to come forward or face legal action.

    In 2024, the Cybercrime Investigation and Coordinating Center (CICC) warned the public about a surge in crypto and dollar investment scams, urging investors to stay vigilant, avoid high-return promises, and verify offers with authorities.

    Read BitPinas articles about protecting Bitcoin and other digital assets:

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  • Operation Avalanche Busts $4.3M Ethereum Phishing Scam

    Operation Avalanche Busts $4.3M Ethereum Phishing Scam


    • Operation Avalanche identified compromised wallets on Ethereum. 
    • Approval phishing tricks users into signing malicious transactions.

    A $4.3 million Ethereum phishing scam has been taken down by the U.S. Secret Service and Canadian authorities. With the initiative being termed, Operation Avalanche, the intention was to halt Ethereum blockchain approval phishing attacks. That was a collaborative effort to look for wallets that had been opened and to safeguard the victims from incurring any more losses.

    The BC Securities Commission and the U.S. Secret Service Washington Field Office announced the operation. They worked with some crypto trading platforms and a blockchain analysis firm as well as Canadian police agencies. Its idea was to aid the people who fell victim to the scam and to stop crypto fraud.

    Approval phishing scams are phishing scams that involve approval of malicious blockchain transactions. But the scammers can gain access to victims’ wallets and empty the Ethereum ($ETH) funds. That scam cost $4.3 million in this case. The crypto crime fight has been lauded as a major effort.

    X user Gaal reported that U.S. Secret Service together with Canadian authorities worked to stop Ethereum approval phishing scams worth $4.3M. The scams aim at targeting crypto users who are vulnerable through advanced deceptive methods. The partnership plays an essential role in safeguarding cryptocurrencies and retrieving robbed property from attackers.

    How Operation Avalanche Tackled the Scam

    Blockchain forensics were employed in Operation Avalanche to trace the compromised wallets. The patterns of the phishing attacks were discovered by the analysts on illicit transactions. They also froze the listed crypto platforms and warned their users.

    The U.S. Secret Service was leading this effort, tapping into financial crime investigation expertise, meanwhile Canadian authorities helped to give local support to coordinate a response. In large part, the BC Securities Commission tracked the flow of the stolen funds.

    Measures were taken by notifying potential risks to the assets of victims. Blockchain analysis allows us to see how scammers siphoned Ethereum with wallet approvals. The authorities urged users to revoke old approvals and to take care when checking transactions.

    Blockchain analytics firm Chainalysis states that crypto space is being plagued by the growing threat of approval phishing. Users have been tricked into giving out access to their wallets by scammers who pretend to be legitimate platforms to do so. Once approved, they can send funds without having to ask for permission again.

    How to Protect Yourself from Ethereum Phishing Scams

    Phishing scams are very common and crypto users have to be careful or else they will fall prey to it. Always double check links before approving transactions. Avoid clicking on the unsolicited emails or messages that guarantee high returns.

    One can use Etherscan Which helps users see and revoke Ethereum wallet permissions. It is advisable to check wallet activity regularly to spot suspicious transactions as soon as possible.

    The U.S. Secret Service recommends hardware wallets to increase security. These devices store the private keys offline and are very hard to hack. Running up to date software and antivirus programs will prevent you from getting a phishing attack.

     





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