26.01.2023 04:04 PM
One of the cryptocurrency fraud syndicates has been uncovered by Philippine police.

While ether is gradually recovering from its recent major sale, bitcoin is correcting lower following yesterday's regular update of the annual maximum in the vicinity of $23,700. The Philippine authorities claimed to have prevented a significant number of people from falling victim to a coordinated scheme to commit cryptocurrency fraud. People who were employed to operate in a contact center in Cambodia have defrauded others of their cryptocurrency by making alluring investment offers. The authorities added that they were looking into any possible involvement by government workers in the syndicate.

This image is no longer relevant

Six alleged victims were reportedly spared by the Philippine Bureau of Immigration from the actions of con artists who attempted to steal a significant sum of cryptocurrency. According to Immigration Bureau Commissioner Norman Garcera Tansingco, BI agents detained the alleged con artists just as they were ready to board a flight for Phnom Penh. The commissioner stated that these travelers gave incomprehensible responses to queries, which raised suspicion, and pointed out that they had bogus return tickets.

The authorities also carry out inspections against government officials, as I have said. Any BI workers connected to the bitcoin trading syndicate will be subject to punishment, according to Tansingco's pledge. He mentioned that the immigration officer in charge of preparing the travelers for departure had been placed on administrative leave while the investigation was ongoing. "We also want to assist in locating and apprehending recruiters who encourage people to participate in illegal schemes."

"They are to blame for this society's issues," declared the commissioner.

At least three people are now under investigation by the Immigration Bureau, according to BI spokeswoman Dana Sandoval. She acknowledged that there are also concerns about whether the bitcoin trading case is connected to organized crime groups that deal in human trafficking in Cambodia and Myanmar.

The government claims that criminal organizations, particularly in Asian nations, hire unwitting victims to work in call centers before defrauding users of social media and dating applications. To scam people in America and other countries for millions of dollars, tens of thousands of people from all across Asia were coerced through torture and threats.

The US government has frequently urged people to be aware of con artists who pretend to work for brokerage firms and offer to withdraw an accrued cryptocurrency deposit or to make investments. The FBI recently issued a warning, saying, "Be very wary when you join social networks and dating apps and someone starts having a dialogue with you and wants you to start investing."

This image is no longer relevant

Regarding the technical picture of bitcoin for today, the level of $23,180 continues to be the closest goal for the bulls. If you fixate on it, you'll create a new bullish trend with the potential to update $23,680. The $24,420 region will be the farthest objective, where significant profit-taking and a rollback of bitcoin may take place. In the case of renewed pressure on the trading instrument, protecting the $22,520 level will be of utmost importance because a breach by sellers would be detrimental to the asset. This will put pressure on bitcoin and create a direct path to $21,840. The world's first cryptocurrency will "drop" in the neighborhood of $21,320 if this level is broken.

Ether buyers are focusing on the breakdown of the nearest resistance level at $1,600. This is going to be sufficient to establish a foothold at the current highs and keep the bullish trend going. The market will undergo considerable adjustments as a result of this. If the price fixes above $1,600, the balance will be returned to the ether, with the possibility of growth to a maximum of $1,693 and $1,758. Longer-term targets will be around the $1,819 level. The $1,504 level, which was just reached, will be in use when pressure on the trading instrument resumes. If it succeeds, the trading instrument will rise to a minimum of $1,410. It will be difficult for bitcoin owners to trade below $1,320 (just $1,320).

Jakub Novak,
Analytical expert of InstaForex
© 2007-2023
Euro vs US Dollar
Select timeframe
Start trade
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Bitcoin: new bullish formation

Bitcoin is bullish and seems determined to approach and reach new highs. It's trading at 28,287 at the time of writing. In the last 24 hours, BTC/USD

Ralph Shedler 14:00 2023-03-22 UTC+2

XRPUSD breaks above January highs.

XRPUSD is trading above $0.44 while yesterday it was trading as high as $0.49. Short-term trend remains bullish. Price is making higher highs and higher lows. Momentum is bullish

Alexandros Yfantis 13:55 2023-03-22 UTC+2

Bitcoin consolidates around $28k ahead of Fed meeting: what to expect next?

As expected, the cryptocurrency market slowed its trading activity and began to consolidate near the $28k level. Bitcoin's trading activity also continues to decline, which is typical for intermediate periods

Artem Petrenko 12:15 2023-03-22 UTC+2

BTC update for March 22,.2023 - Tight range and potential for the breakout

Technical analysis: BTC/USD has been trading sideways at the price of $28.460 and I see potential for the breakout mode. Due to the strong upside trend in the background

Petar Jacimovic 09:17 2023-03-22 UTC+2

Technical Analysis of ETH/USD for March 22, 2023

Crypto Industry News: The administration of President Joe Biden published an economic report in which it was critical of cryptocurrencies. According to him, these are not an effective alternative

Sebastian Seliga 08:20 2023-03-22 UTC+2

Technical Analysis of BTC/USD for March 22, 2023

Crypto Industry News: Circle, the company responsible for issuing USD Coin (USDC) and Euro Coin (EUROC) stablecoins, has announced that it intends to expand its operations into France. It applied

Sebastian Seliga 08:19 2023-03-22 UTC+2

ETH/USD: upside continuation pattern

ETH/USD is trading at 1,795 at the time of writing. It seems undecided in the short term but the bias remains bullish. Temporary retreats or sideways movements could bring

Ralph Shedler 22:01 2023-03-21 UTC+2

Fed cancels its own efforts to raise rates

The price of the bitcoin cryptocurrency has increased over the last few days and is currently at the $29,000 level. The flat on the 24-hour TF can now be viewed

Paolo Greco 17:36 2023-03-21 UTC+2

Charles Edwards: Bitcoin is preparing to hit $100,000

On the 4-hour TF, the image is much more expressive. Over the past ten days, the price of bitcoin has increased significantly and has easily surpassed the level of $25,211

Paolo Greco 17:22 2023-03-21 UTC+2

Bullish break out in XRPUSD

XRPUSD is trading around $0.42. Price has now broken above the multi week downward sloping trend line resistance. Price has been respecting the key support at $0.30 for the past

Alexandros Yfantis 15:43 2023-03-21 UTC+2
Can't speak right now?
Ask your question in the chat.