By Klaken Team 
As cryptocurrency becomes more popular in the Philippines, so do crypto-related scams. While blockchain technology promises transparency and decentralization, it also attracts bad actors looking to take advantage of new and unsuspecting users. If you’re trading, investing, or even just curious about crypto — here’s what you need to know to stay safe.
The Philippines has one of the fastest-growing crypto communities in Asia, driven by mobile access, play-to-earn gaming, and digital remittances. Unfortunately, this growth has made local users a prime target for scammers who exploit both the excitement and lack of awareness.
In 2023 and 2024 alone, the National Bureau of Investigation (NBI) and SEC investigated multiple fraud cases involving fake crypto trading platforms, pyramid schemes, and phishing operations.
- The “Fake Trading App” Trap: Dozens of Filipinos reported losing money on platforms that mimicked legitimate exchanges. Victims were lured through social media ads promising quick profits, only to find out they couldn’t withdraw their funds.
- P2E Game Rug Pulls: Some users invested time and money into new play-to-earn games that vanished overnight. Developers abandoned projects after collecting funds from NFT sales and token presales.
- Investment Scams: “Crypto investment groups” promised daily returns of 5–10%. Many operated as Ponzi schemes, using money from new recruits to pay earlier investors — until the whole system collapsed.
- Promises of guaranteed returns or “zero risk”
- Platforms that pressure you to recruit others
- Unlicensed exchanges or wallets
- Lack of transparency about the project’s founders or team
- Being asked to send crypto to a personal wallet for “investment purposes”
- Suspicious-looking URLs or misspelled domain names pretending to be legit platforms
- Always verify if a platform is registered with the BSP or SEC.
- Stick to well-known, regulated exchanges like Coins.ph or PDAX.
- Never send crypto to someone you don’t fully trust, especially in online groups or chats.
- Don’t invest more than you can afford to lose.
- Use two-factor authentication (2FA) and keep your recovery phrases private.
The crypto world is full of opportunity, but also full of traps. As the industry matures in the Philippines, user education is key. By staying alert and informed, you can enjoy the benefits of crypto — without becoming a cautionary tale.