According to recent publications, the Philippine National Police Anti-Cybercrime Group (PNP ACG) investigated a few of the frameworks utilized by cryptocurrency games, alerting the nation’s crypto enthusiasts of numerous techniques that have been employed to steal funds from members of the gaming community.
Philippines Cautious of Crypto
The PNP ACG’s has cautioned to exercise precautions when connecting with phishing sites and unidentified people. Before making an investment in a cryptocurrency, users are urged to do extensive research on the ecosystem and the creators.
Crypto Players Pose a Threat to Investors
The Philippines authority’s proposal is consistent with standard procedures for crypto investing. As per the report, the cryptocurrency players are constantly at danger of losing their stakes, whether it be because of financial turbulence or fraudsters on the web.
The statement warns: “Just because a game’s underlying blockchain is secure does not mean its engine or marketplace is secure.”
Axie Infinity in the Crosshairs of Philippine Regulators
The Philippine police pointed out Axie Infinity, a game to make money on metaverse which is influenced by Pokemon that was built on the Ethereum network, and warned against the dangers of cryptocurrency gaming schemes.
Usually, in order to start playing the game, a person must acquire at least three Axie characters, which the PNP ACG says compels consumers to spend $300 beforehand they can begin earning money. The police department, on the other hand, sided with the conventional gaming sector, where users typically spend up to $100 every session.
Meanwhile, the Philippines Bureau of Immigration’s Travel Control and Enforcement Unit (TCEU) rescued the alleged victims of a “crypto trafficking ring” earlier.
Regulators are Cracking Down on Crypto
Regulators all across the world have implemented different measures to combat crypto frauds. For example, the California Department of Financial Protection and Innovation has established a new bitcoin fraud tracker to assist traders and investors in identifying potential sector concerns. Furthermore, several regulators have taken action against specific crypto frauds and fraudulent enterprises, such as shutting down websites or detaining individuals involved in fraudulent investment schemes.