Name of Philippines’s Finance Secretary Carlos G. Dominguez Used for Bitcoin Scam, Writes US

Last updated on April 24th, 2023 at 12:57 pm

Cryptocurrency scam is gaining momentum globally, the newest being the bitcoin scam in which the name of Philippines’s Finance Secretary Carlos G. Dominguez III was used for a series of scams.

In a bid to clear his name of the scam-related dealings, Carlos G. Dominguez III has reached out to the Department of Justice in the United States.

He is asking for assistance in taking down a Bitcoin scam dubiously using his name to scam people. Since the boom in late 2016/2017, bitcoin scams by impersonations are taking a new dimension.

According to the report, the name of the Finance Secretary was used to promote a series of ongoing cryptocurrency scams.

In a letter, Carlos G. Dominguez sent a letter to Justice Secretary Menardo I. Guevarra, pointing out a “series of false information posted on Facebook involving the fraudulent use of my name to promote a fake cryptocurrency auto-trading platform called ‘Bitcoin Revolution.’”

He also attached a screenshot of the alleged scam. It contained text claiming that he has invested in the platform, which has “experts in awe and big banks terrified.”

A few weeks ago, hackers gained access to Twitter accounts of billionaires in the US through which they launched fake promotional giveaways to “deprive” thousands of their followers of bitcoin worth several millions of US dollars.

Carlos G. Dominguez said, “Similar investment ploys using the names of some Finance and Treasury officials in other countries as well as Filipino celebrities is likewise used in an attempt to dupe the public into falling for the scam.”

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Dominguez Reaches out to Facebook

Apart from reaching out to the US DOJ, InfomediaNG reliably gathered that Dominguez had also contacted Facebook to block “this particular fraudulent ad.”

Is Dominguez the first victim of bitcoin scam Philippines?

Absolutely, No.

In 2019, unknown perpetrators used the name of Philippines’ president, Rodrigo Duterte, to the promotion of what the scammer described as “once-in-a-lifetime” opportunity to invest in an automated Bitcoin trading platform.

But the country’s Department of Finance was quick to step in, warning the general public that it was “scam”

Billionaires such as Bill Gates, Richard Branson, Elon Musk, and Warren Buffett are some of the latest Twitter hacking in a Bitcoin scam.

It is one of the Asian countries where there is a boom in the popularity of buying and selling digital assets with the use of reliable crypto wallets in the Philippines.

Is there a way to stem the rising wave of cryptocurrency scams globally?

Share your thoughts with us


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across real estate investment, foreign exchange, government policies and politics. He has a knack for breaking down complex financial concepts in a way that is easy to understand. Ope is available on Twitter @OpeQuadri.

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