Authorities in the Philippines have exposed a fake cryptocurrency investment scheme, in an advisory, it published on April 14. The publication names the scheme as “The Billion Coin” (TBC) and warns that the project’s claims are spurious and the scheme is unauthorized.
According to the Philippines Securities and Exchange Commission (SEC), TBC promotes its native TBCoin as a decentralized digital asset that seeks to solve global poverty by revolutionizing the world’s financial system. However, there are a few problems with its framework.
The SEC’s advisory notes that decentralized assets like Bitcoin are priced based on organic market factors. The TBCoin, on the other hand, is an “Abundance-based Cryptocurrency.” This means that the value is “user-based” and the price increases “depending on the number of its users/holders or investors.” This means that if TBC pulls in one billion investors, then each TBCoin will be worth one billion Euros.
The advisory says that TBC claims the TBCoin’s value will never drop and will climb up to 5% daily until 1 TBC is worth 1 billion Euros.
Furthermore, TBC advertises investment packages between 100 pesos ($4) and 25,000 pesos ($1,040) which will return 100% to investors every 25 days. The SEC warns the public to stay away from TBC, adding that anyone who invites others to invest in TBC will be penalized.
The Philippines has a regulatory framework that governs and regulates the crypto industry.
Image Credits: Pixabay
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