Victim of Cryptocurrency Scam Shares His Experience and Calls for Justice

Pang disclosed that his decision to engage in a business venture was influenced by Mika, who claimed she was successfully managing her own orders and earning substantial profits. She even provided him with a report detailing her earnings, which further convinced him to proceed.

Mika directed Pang to transfer funds to her bank account for the purpose of establishing his e-commerce and cryptocurrency accounts. He explained that the platform would provide him an online shop along with items for sale, which required initial investment. He expected to receive a 10 percent commission on sales along with the return of his invested capital once transactions were confirmed.

However, Pang found himself entrapped when he realized he could not withdraw his funds due to outstanding orders he had yet to fulfill. As new orders piled up rapidly, he grew increasingly suspicious that these customers were fictitious and engineered by the company to hinder his ability to access his money.

Recognizing this dilemma just a few days into the venture, Pang removed the product listings from his store to stop further purchases. Despite his efforts, new transactions continued to occur, leading him to believe that the website administrators had regained control over his account and reinstated the products he had deleted. Consequently, he was left unable to reclaim over $27,000 he had invested in cryptocurrency.

The Public Information Officer of the Philippine National Police Anti-Cybercrime Group, Wallen Mae Arancillo, described the scam as a "romance or love scam," where perpetrators elicit sympathy from their victims before persuading them to invest in cryptocurrency. Tulfo added that Mika might be involved in a more extensive scam operation.

Arancillo noted that the PNPACG is actively engaged in cyber patrolling and investigations to track down those responsible for these fraudulent schemes. Currently, both Tulfo's team and the Philippine police are offering support to Pang as they work to uncover the truth behind his case.