1,090 individuals who were being kept prisoner and coerced to participate in crypto frauds have been successfully freed by the police in the Philippines.
The victims, originally from various countries in Asia, were brought into the country against their will and forced to promote fake crypto investments.
The con artists were thought to be connected to the Colorful and Leap Group. The notorious criminal organization is engaged in fraudulent operations and crypto frauds.
The Philippines and the rest of Southeast Asia have emerged as some of the most active regions in this regard. Victims are often given employment online, cheap flights, and housing, only to have their passports taken away once they reach their destination.
According to the reports, they were subjected to a daily work schedule of up to 18 hours with the threat of having their pay docked for taking breaks. The con artists instructed the employees to deceive victims into purchasing crypto assets or transferring money into false bank accounts by establishing fictitious romantic connections with them.
Most of the victims were citizens of Vietnam and China, although some citizens of the Philippines, Indonesia, and Malaysia were also duped into participating in online cryptocurrency scams. The blockchain security company CertiK reported over $100 million in losses due to cryptocurrency scams in April.
Swindlers are increasingly using the excitement around artificial intelligence (AI) as a cover to carry out fraud and spread malware. ChatGPT is the new crypto from the viewpoint of a bad actor, as stated by the сhief security officer of Meta, Guy Rosen.