July 25, 2024
Blockchain News

Philippine Police Bust Crypto Scam, Rescues Over 1,000 Human Trafficking Victims: Report

The Philippine National Police (PNP) rescued almost 1,000 human trafficking victims who were forced to work up to 18 hours a day for cryptocurrency schemes. Authorities apprehended the 12 suspected ringleaders and charged them with human trafficking. There are seven Chinese nationals, four Indonesians, and one Malaysian among them.

According to local media reports, the victims quickly accepted the employment offers after the culprits seduced them with free flights and lodging. However, upon arrival, their passports were stolen, and they were forced to labor up to 18 hours a day, with salary deductions for socializing with colleagues or taking extended breaks.

According to an official, a total of 1,090 people were recovered after being transported from various countries and held captive to violently conduct online frauds. The majority of the employees were from Asia, with the following countries represented: Vietnam (389), China (307), the Philippines (171), Indonesia (143), Nepal (40), Malaysia (25), Myanmar (7), Thailand (5), Taiwan (2), and Hong Kong (1).

PNP anti-cybercrime group (ACG) spokesperson Michelle Sabino confirmed the arrest of at least 12 accused ringleaders believed to be the operators of a bogus business called Colorful and Leap Group Co. They were all subjected to a human trafficking inquest hearing before the Department of Justice in Manila.

Sabino told the media that the operators educated the workers to trick people into buying Bitcoin or depositing money into fraudulent bank accounts after building phony romantic ties. Unwary people in the United States, Europe, and Canada were particularly targeted for the scams.

“They will create a promise of a bright future together.” Let us buy a house, a car, invest money, or do business together.” Scammers’ techniques have changed in the bear market, according to CryptoPotato. One that grabbed attention was crypto romance scams, in which criminal actors develop romantic relationships with victims via online platforms in order to mislead them into stealing funds through various techniques.

This involves directly soliciting money or providing fake investment advice or harmful links to apps and websites that can deplete the victim’s cryptocurrency wallets. In a similar case, in March, a 60-year-old Indian woman lost about $30,000 in a crypto investment fraud after being solicited on a matchmaking website.