Philippines | Crypto

The Philippine government launched a blockchain-based document validation system on Polygon, despite the network suffering a partial outage on the same day. The government of the Philippines announced that it will notarize its documents on the Polygon blockchain — on the same day that the network’s Heimdall v2 mainnet suffered a temporary outage. Maria Francesca Montes Del Rosario, undersecretary at the Philippine Department of Budget and Management, announced in a Wednesday Facebook post that the government’s blockchain transparency was live. According to a Thursday report by local crypto news outlet BitPinas, Del Rosario said at the launch event that blockchain addresses the issue presented by artificial intelligence-generated deepfakes and prevents bad actors from falsifying government documents. Read more

A YouTuber exposed an $800,000 crypto scam in Cebu by hacking CCTV, confronting scammers live and revealing their global fraud operation. In Cebu, Philippines, a scam call center ran a sophisticated $800,000 crypto fraud from the second floor of the Skyrise building in Cebu IT Park, using fake investment products like Quantum AI and Bitcoin Code.  Leveraging the Philippines’ low labor costs and strong English skills, the fraudulent investment group operated to scam unsuspecting victims in South Africa, Nigeria and the Gulf countries, promising high returns to lure deposits. Earlier, it used to target people in Canada, the UK and European countries. The scamsters have been operating under different names, such as BMJ Data Processing Services, Virtual Wealth Exchange, Solless Markets, BTC Boutique and more. Read more

The US Treasury Department imposed sanctions on Funnull Technology Inc., a Philippines-based tech firm accused of facilitating hundreds of thousands of online crypto investment scams known as “pig butchering,” which defrauded American victims of over $200 million. The Office of Foreign Assets Control (OFAC) also designated Liu Lizhi, a Chinese national and administrator of Funnull, […] The post US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree appeared first on CryptoSlate.