Instead of being able to make a living at home, twenty-six individuals got scammed in investing P504,000 total in cryptocurrency amid the COVID-19 pandemic.
From Nico Waje’s report on “Stand for Truth,” Ann ventured into the cryptocurrency business to earn a livelihood after losing her job caused by the COVID-19 crisis. She invested P50,000 of her savings in cryptocurrency with the invitation by her classmate. The scammers earned their trust as the dealings appeared legitimate and professional where the scammers provided a contract and held zoom meetings, and the like.
RC, another victim who invited Ann and other investors to join, divulged that there were no difficulties for the first two months as they signed their contracts until on July 31, when the suspect had disappeared.
Cryptocurrency is digital money backed with encryption techniques, which can be used similarly as real money in buying products online, such as clothing, appliances, or food. The online currency can be transferred and converted anywhere.