The crypto industry has been a breeding ground for criminals for quite a while now. Report coming from the Philippines has further proven this fact. The Bureau of Immigration has recently ordered the deportation of a crypto scammer who is responsible for duping investor of about $33 Million worth of bitcoins.
The Crypto Scammer is From South Korea
The Bureau of Immigration has made it known that the crypto scammer in question is a citizen of South Korea. As a result of this, the criminal is expected to get deported to the country.
The crypto scammer identified as Go Yongsung is regarded as the mastermind behind a bitcoin pyramid scheme which cost its victims a total of about $33 Million. Yongsung was arrested in the city of Las Pinas.
Based on the report coming from the Commissioner-in-charge of the Bureau of Immigration, Jaime Morente, the arrest process was overseen by Fugitive Search Unit of the Bureau.
With an arrest warrant from a district court in South Korea, the unit was able to locate and arrest the crypto scammer in hope of having him deported as soon as possible.
He is not Working Alone
The criminal was reported not to be working alone in this pyramid scheme. It was reported that Yongsung and his accomplice carried out this scam by asking people to invest in bitcoin with a promise of a massive payday. This was said to have taken place between December 2015 and June 2016.
The criminal used an office address located in Pasay City to front their business until it shut down due to lack of payment.
Another Criminal on the Run
The Bureau has also reported that it is also in search for another Chinese citizen, Lian Lilong, who is currently on the run for crypto-related crimes. If caught he will be facing a similar situation as Yongsung.
Since the arrest of the crypto scammer, Jaime Morente made a statement saying that:
“We reiterate our warning to all foreign criminals who are hiding in the country. The long arm of the law will eventually catch you and we will send you back to your homelands so you will be meted punishment for your crimes,”