Opinion & Analysis
# Philippines: Mandaluyong City Destroyed Cryptocurrency Scam Site 15 Suspects Arrested
The Philippine National Bureau of Investigation (NBI) recently announced that law enforcement successfully dismantled a cybercriminal gang suspected of engaging in cryptocurrency investment fraud in the city of Mandaluyong on May 9, arresting 15 people, including a Chinese man, at the scene.
# Philippines: Mandaluyong City Destroyed Cryptocurrency Scam Site 15 Suspects Arrested
The Philippine National Bureau of Investigation (NBI) recently announced that law enforcement successfully dismantled a cybercriminal gang suspected of engaging in cryptocurrency investment fraud in the city of Mandaluyong on May 9, arresting 15 people, including a Chinese man, at the scene.
According to a notification issued by the Philippine National Bureau of Investigation, the operation was conducted by the National Bureau of Investigation for Dangerous Drugs (NBI-DDD) Joint Digital Forensics Laboratory and assisted by Philippine Air Force Intelligence.Law enforcement officers raided a fraudulent nest in an apartment in the city of Mandaluyong under a computer data search, seizure, and inspection order (WSSECD) issued by the court.
The investigation revealed that law enforcement had previously received intelligence that a man with the pseudonym โBoss Choiโ and multiple associates had been engaged in cyber fraud activities in the apartment for a long time.The gang is suspected of using high-yield cryptocurrency investments as bait by setting up fake investment websites to guide victims to invest money and implement a fraudulent model commonly known as "pig killing trays".
During the operation, police discovered that the suspect was operating multiple desktop computers for network activities and controlling the scene personnel on the spot.The arrested persons included: a Chinese man, a Malaysian man, 12 Filipino men, and a Filipino woman. Law enforcement officers then seized a large number of computer equipment and electronic storage devices, and immediately began digital forensics work.The large amount of electronic data extracted at the scene is believed to be closely related to cyber counterfeiting and cryptocurrency fraud activities, and is important evidence in the case, investigators said.
The National Bureau of Investigation of the Philippines pointed out that from the point of view of on-site equipment configuration and operation mode, the apartment clearly belongs to an organized and divided network fraud operation center, and is suspected of long-term cross-border financial fraud and illegal fund circulation activities.
At present, all suspects have been transferred to the prosecution for speedy interrogation.
Philippine law enforcement said it will continue to track down the organizers behind the fraudulent network and the flow of funds, and intensify its fight against the use of cryptocurrencies for cross-border fraud and money laundering.
The Philippine National Bureau of Investigation (NBI) recently announced that law enforcement successfully dismantled a cybercriminal gang suspected of engaging in cryptocurrency investment fraud in the city of Mandaluyong on May 9, arresting 15 people, including a Chinese man, at the scene.
According to a notification issued by the Philippine National Bureau of Investigation, the operation was conducted by the National Bureau of Investigation for Dangerous Drugs (NBI-DDD) Joint Digital Forensics Laboratory and assisted by Philippine Air Force Intelligence.Law enforcement officers raided a fraudulent nest in an apartment in the city of Mandaluyong under a computer data search, seizure, and inspection order (WSSECD) issued by the court.
The investigation revealed that law enforcement had previously received intelligence that a man with the pseudonym โBoss Choiโ and multiple associates had been engaged in cyber fraud activities in the apartment for a long time.The gang is suspected of using high-yield cryptocurrency investments as bait by setting up fake investment websites to guide victims to invest money and implement a fraudulent model commonly known as "pig killing trays".
During the operation, police discovered that the suspect was operating multiple desktop computers for network activities and controlling the scene personnel on the spot.The arrested persons included: a Chinese man, a Malaysian man, 12 Filipino men, and a Filipino woman. Law enforcement officers then seized a large number of computer equipment and electronic storage devices, and immediately began digital forensics work.The large amount of electronic data extracted at the scene is believed to be closely related to cyber counterfeiting and cryptocurrency fraud activities, and is important evidence in the case, investigators said.
The National Bureau of Investigation of the Philippines pointed out that from the point of view of on-site equipment configuration and operation mode, the apartment clearly belongs to an organized and divided network fraud operation center, and is suspected of long-term cross-border financial fraud and illegal fund circulation activities.
At present, all suspects have been transferred to the prosecution for speedy interrogation.
Philippine law enforcement said it will continue to track down the organizers behind the fraudulent network and the flow of funds, and intensify its fight against the use of cryptocurrencies for cross-border fraud and money laundering.