In the Philippines, 277 employees of a crypto-fraud firm were detained

The Philippine police have stopped a large-scale crypto-fraud scheme in the local economic center of Pasige. A total of 277 Chinese citizens suspected of cheating their compatriots with the help of financial technology were detained.

According to a source familiar with the situation, the Bureau for Immigration Compliance raided the office of Grapefruit Services Inc. on September 11. Grapefruit is registered as a cryptocurrency company by the Kagayan Economic Zone Administration in the Philippines, but operates outside its jurisdiction - a common practice among such enterprises in recent years, a source said.

Kagayan's administration began licensing cryptocurrency companies after losing significant sources of income from similar services provided to representatives of the gambling business, which inevitably attracts various types of fraudsters.

Initially, four suspects were arrested, but subsequently the police managed to capture another 273 people found guilty of "carrying out illegal operations in the network". Chinese authorities revoked the passports of the detainees, making them illegal workers in the Philippines. They will now be deported.

The amount of damage caused by Grapefruit's actions is not reported in the publication.

Earlier it became known that the organizers of the Chinese pyramid PlusToken could embezzle more than $3 billion in cryptocurrencies.

Its sad that many scamers use crypto to promote their ponzi and scam people, i hope crypto will be more friendly for people.