Cryptocurency Industry News

Philippines deports $33 million Bitcoin pyramid scheme mastermind

October 9, 2018
The Main Bloq

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Philippines deports $33 million Bitcoin pyramid scheme mastermind

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The Bureau of Immigration of the Philippines had ordered the deportation of a South Korean national who is wanted in South Korea over his involvement in a bitcoin pyramid scheme.

Identified as Go Yongsung, the South Korean was arrested in the city of Las Pinas. According to Jaime Morente, a Bureau of Immigration Commissioner, the arrest was conducted by the Fugitive Search Unit of the government agency. A warrant had already been issued by a district court in South Korea for his arrest prior to his capture, according to Manila Bulletin.

Per documents obtained from the authorities, Go and other accomplices defrauded South Koreans of over US$33 million by promising huge returns if they invested in bitcoin between December 2015 and June 2016. According to the authorities Go, who is 48, used a firm which was operating in Pasay City as a front in his fraudulent scheme.

Crackdown on Fugitives of Justice

After the arrest, Morente warned that the bureau would not relent in its efforts to ensure criminals faced justice regardless of which jurisdiction they committed their crimes…

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