A couple in the Philippines has been arrested over accusations of perpetrating a bitcoin (BTC) investment scam. According to reports Leonay and Arnel Ordania lured about 50 investors to their firm known as Newg with promises of bimonthly returns of 30%. Initially the investors were happy with the returns before the payments were halted last year in December.
The Ordania?s promoted their bitcoin investment firm actively on social media. However after the payments stopped the investors could no longer get hold of the couple when they tried contacting them. The couple had also posted on social media that payouts to investors would no longer be possible.
According to the police the couple are suspected of having amassed around 900 million Philippine pesos or approximately $17 million. Some victims have refused to file a formal complaint and thus the figure could be higher.
The success of the couple in scamming investors was attributed to the lack of knowledge regarding bitcoin by the victims.
Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at email@example.com.