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The Anti-Cybercrime Group of the Philippines National Police has urged citizens to be cautious of potential rewards from play-to-earn (P2E) games, as they could be traps to steal crypto assets amounting to millions of dollars. The cybercrime unit emphasizes the importance of self-research to minimize the risk of falling prey to these scams.
Customized Gaming Apps and Their Role in Fraud
The National Police Anti-Cybercrime Group (PNP ACG) in the Philippines has alerted the public about the risks of play-to-earn (P2E) games that are increasingly involved in crypto asset thefts worth millions. In its latest cybersecurity bulletin, the unit revealed that criminals are employing specially designed gaming apps to deceive victims.
The unit explained that these apps tempt the victims by pledging “substantial financial returns directly linked to investments made by potential targets.” Often, such pledges come after criminals have built trust with their victims over time. The group further detailed:
Criminals introduce their victims to online or mobile games where they can allegedly earn cryptocurrency rewards for performing tasks like growing animated ‘crops’ on a virtual farm. These mobile games have been programmed to show fraudulent rewards accumulating as the game progresses.
When victims cease depositing crypto into a compromised wallet, the fraudsters then drain the funds. The cybercrime unit noted that the criminals often escape justice due to the relative novelty and lack of regulation surrounding cryptocurrency.
Crypto Gaming Versus Conventional Games
While warning against frauds, the police bulletin also acknowledged the benefits of crypto gaming over traditional games, referencing popular P2E platform Axie Infinity, known for providing diverse earning opportunities to players.
However, the necessary investment for playing might deter some individuals, and players may also lose digital assets by transferring them to an unsupported “wallet.”
The bulletin reiterated that players should conduct thorough research before investing in order to mitigate the risks of losing money to scammers. Vigilance against phony profiles and misleading links is also advised.
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Frequently Asked Questions (FAQs) about fokus keyword: crypto gaming scams
What is the warning issued by the Philippines’ National Police Anti-Cybercrime Group (PNP ACG)?
The PNP ACG has warned residents about the risk of play-to-earn (P2E) games being used to steal crypto assets worth millions of dollars. Custom-created gaming apps lure victims with promises of huge financial rewards, but they are designed to display fake rewards, and criminals siphon funds from compromised wallets.
How are the victims lured into these fraudulent crypto gaming schemes?
Victims are lured into these fraudulent schemes through specially designed gaming apps that promise substantial financial returns directly linked to investments. Criminals cultivate relationships with victims and then introduce them to online or mobile games where fake rewards are displayed.
What does the police bulletin suggest as a precautionary measure?
The police bulletin advises players to conduct their own research before committing funds to crypto gaming and to be vigilant against fake individuals and deceptive links. By doing so, players can reduce the chances of losing money to these scams.
What are the advantages of crypto gaming according to the police bulletin?
The police bulletin acknowledges the advantages of crypto gaming over traditional games, such as offering players various ways to earn money. It cites popular platforms like Axie Infinity that provide diverse earning opportunities.
Why are cybercriminals usually able to get away with crypto gaming scams?
Cybercriminals often escape justice in crypto gaming scams because cryptocurrency is relatively new and not well-regulated. This lack of regulation makes tracking and prosecuting the criminals more difficult.
Can players lose digital assets by transferring them to the wrong wallet?
Yes, players can lose their digital assets if they send them to a “wallet that does not support the asset.” Care should be taken to ensure compatibility before making such transfers.
More about fokus keyword: crypto gaming scams
- Philippine National Police’s official statement on crypto gaming scams
- PNP Anti-Cybercrime Group’s cybersecurity bulletin
- Detailed report on play-to-earn games and related scams
- Axie Infinity’s official website
- Guide to safe cryptocurrency handling and investment