Recent crypto-based scams | futureTEKnow Raffaella Aghemo

The Covid-19 emergency has unleashed a series of scams and cyber attacks, which have made life for the “forced” internees even more difficult. The FBI itself has recently announced that it expects an increase in fraud in the Covid-19-themed cryptocurrency market. The most widespread scams range from the phantom job offers from home, to ransomware and blackmail of various kinds, to the sale and supply of “defence” and prevention equipment, which in reality do not exist!

There is already talk of a “” called “The Billion Coin” (TBC), which represents the third cryptographic fraud, reported by the Securities and Exchange Commission of the Philippine Government! The document issued by the Philippine SEC states: “ Based on the information gathered by the Commission, entities operating under the name THE BILLION COIN (TBC) of KRIS KRINGLE are engaged in investment activities in the Philippines that are NOT AUTHORIZED by the Commission “.

This crypto-currency presents itself “ as a truly decentralized crypto-currency which aims to revolutionize the global financial system in order to eradicate poverty in the world”. The product is advertised, specifying that, unlike Bitcoin and other cryptocurrency, which strictly follow the rules of the market, the value of is given by the user, as it increases according to the number of users/investors! Precisely for this reason, in the ads, it is called “ crypto currency based on abundance “, in constant and imperishable increase of its value, from 1 to 5% per day, until it reaches one billion euros at BTC. Basically, its value would increase by 1 euro for each new investor, multiplying the investment exponentially.

Section 8 of the SEC Code requires that every offer and sale of securities be registered by the Commission, as well as the company and the corresponding agents: it has been found, however, that neither TBC nor Kris Kringle have any registration, let alone a secondary license to carry out such a transaction! Nor do they appear as banks registered in the digital sector with Bangko Sentral ng Pilipinas (BSP), in accordance with the Guidelines for Virtual Currency Exchange ( BSP Circular №944), which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration, to operate as remittance and transfer companies under the rules and regulations of the BSP.

It appears that the TBC operates its own digital exchange platform contrary to Section 32 of the Securities Regulation Code (SRC) on the “ Prohibition of the use of unregistered exchanges “. In fact, the BTC has organized itself by providing not only the exchange platform for its virtual currency, but by creating a series of online activities that accepted the BTC as a payment method to strengthen its credibility!

The document issued by the SEC adds: “ The public must be cautious and think that any promise of ridiculous rates of return, with little or no risk, is an indication of a Ponzi scheme, in which new investors’ funds are used to pay false “profits” to previous investors. Moreover, any promise that defies normal financial logic is certainly unreliable and sketchy.”

This document follows a previous warning to investors about this type of Ponzi cryptographic scheme software called “ Bitcoin Revolution “. Already in Ukraine, in Kiev, according to the denunciation of a former employee, a “ghost” company, the Milton Group, with 200 employees, had cashed 70 million dollars in 2019, scamming investors in Australia, New Zealand and the United Kingdom.

A maximum sentence of 21 years in prison is imposed on anyone acting as a “seller, broker, dealer or agent of such unauthorized entities”.

Originally published at on April 28, 2020.




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Raffaella Aghemo

Raffaella Aghemo

Innovative Lawyer and consultant for AI and blockchain, IP, copyright, communication, likes movies and books, writes legal features and books reviews

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