Swedish Consulate – Philippine security authorities successfully raided a business suspected of engaging in crypto fraud. Resulting in the arrest of 99 employees, including the company’s owner. The National Capital Region Police Office (NCRPO), a division of the Philippine National Police (PNP). Revealed that 99 workers were apprehended during a raid on a crypto scam center reportedly located in Parañaque City, Philippines.
NCRPO Chief Major General Jose Melencio Nartatez reported that the police raided the AIA Company office at Centrium Tower 1. Barangay Baclaran, following intelligence reports that the business was involved in crypto fraud and romance scams. Among those arrested were three key figures: Nan Shan, the manager; Detu Su, the owner; and Wu Jian Bin, the supervisor. Of those arrested, 64 were foreigners from countries such as China, Malaysia, and others. Meanwhile, the remaining 34 were Filipino nationals believed to have worked as customer service representatives (CSRs).
“The investigation revealed that the company used its CSRs to falsely represent characters, such as wealthy models, to lure potential victims into investing in manipulated cryptocurrency trading/exchange platforms with fraudulent intentions,” said Jose Melencio Nartatez, according to Bitcoin.com on Friday (August 23, 2024).
Further investigation uncovered that the company was not registered with the Philippine Securities and Exchange Commission. Filipino employees claimed they were coerced into participating in the fraud and forced to play roles that endangered others.
“During the investigation, the Filipino nationals stated that they (CSRs) were compelled to act as scammers, while the models were pressured to dress provocatively and engage in indecent behavior, which the CSRs would then use to entice potential victims,” he added.
Charges under the Cybercrime Prevention Act of 2012 and the Philippine Securities Regulation Code are being prepared to prosecute the offenders.
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Meme Coin Popularity Declines in Early Second Half of 2024
Earlier in 2024, meme coins captured significant attention in the crypto world with their unique appeal. However, the hype appears to be fading as the year progresses. According to Bitcoin.com on Tuesday (August 20, 2024), Google Trends data indicates a significant decline in searches for “meme coin,” and since May 21, the meme token market has experienced a sharp drop. Losing over USD 20 billion or approximately IDR 303.8 trillion (based on an exchange rate of IDR 15,690 per USD).
Google Trends recorded a peak score of 100 for the search term “meme coin” during March 10-15, 2024. The current score has plummeted to just 22. This week, the remaining interest in meme tokens is concentrated in Nigeria, Somalia, Kosovo, St. Helena, and Cyprus. In addition to the drop in search interest from 100 to 22 since March. The meme token economy has also lost substantial value since May. Historical data shows that on May 21, 2024, the meme coin market was valued at USD 59.62 billion or approximately IDR 935.4 trillion.
Fast forward to today, and that figure has decreased to USD 39.59 billion or about IDR 621.1 trillion. Reflecting a startling loss of USD 20.02 billion in just 89 days. While meme coins had a strong start in 2024, the second half of the year has been less favorable for these tokens. Whether they are themed around humor, celebrities, or presidential candidates.
Losing USD 20 billion in less than 90 days is no small feat, and the future of the meme coin market remains uncertain. As Google Trends indicates, the once strong interest in this sector is now waning. With investors seemingly shifting their focus to other areas of the crypto fraud market.
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