Philippines sounds the alarm on ‘enticing’ Bitcoin investment scheme

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Regulators in the Philippines have warned against groups that have been soliciting Bitcoin investments from unsuspecting investors.

On Thursday, the Securities and Exchange Commission (SEC) of the Philippines issued an advisory urging investors in the country to “exercise caution” before investing in companies like Pluggle Inc., which it said has been “enticing the public to invest in the said entity” sans authority.

The advisory comes on the heels of reports that Pluggle has been requiring its members to sign up on its “advertising website” using a sponsored link as well as to purchase an activation code worth PHP1,000 (USD19) through their accounts “using Bitcoin or through other legitimate members or leaders.”

Pluggle said its members can earn PHP100 (USD1.94) upon registration, another PHP100 every time he or she logs in, plus an additional PHP60 (USD1.17) per log-in of other investors recruited. Members will also earn PHP100 for every person he or she “sponsored” into the system, as well as a “leveling bonus” of PHP400 (USD7.78) for one pair in each level down to the 10th level of the binary structure and a “pairing bonus of PHP100 for every pair in the binary structure.”

In its Facebook account, Pluggle said

Read more ... source: CoinGeek

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