As a researcher with experience in the field of financial regulation and digital currencies, I cannot stress enough the importance of relying on verified sources of information, especially when it comes to investments. The recent rumors surrounding the Central Bank of the Philippines endorsing the “Tesler Code” crypto project are a prime example of how misinformation can spread quickly and cause significant harm to unsuspecting individuals.
The Philippine Central Bank has dispelled allegations that it has supported a cryptocurrency initiative called “Tesler Code.” The bank urges the public to exercise caution and be wary of potential frauds related to this matter.
As a crypto investor, I’ve come across various rumors and misinformation regarding the Bangko Sentral ng Pilipinas (BSP) and its stance on the “Tesler Code” and other blockchain investment opportunities. To set the record straight, I’d like to share that in an official statement released on July 12, BSP Governor Eli M. Remolona, Jr. personally clarified that he does not support any crypto product associated with the “Tesler Code” or similar investment schemes. The BSP, as an institution, remains cautious and prudent towards the rapidly evolving crypto industry.
Misleading Social Media Posts
Earlier in the week, unfounded reports about the Central Bank’s approval of a specific cryptocurrency project started spreading through social media. These misleading posts incorrectly suggested that the BSP had changed its position and was now advocating for this project as a worthwhile investment opportunity.
In their recent announcement, the bank advised the general public to trust solely the information released by authorized institution channels for authenticity. Additionally, the Bangko Sentral ng Pilipinas (BSP) cautioned Filipinos against disclosing personal details to dubious entities or websites falsely claiming to be affiliated with BSP.
The BSP advises the public to stay alert and avoid sharing their personal info with questionable or unauthenticated sources to prevent falling victim to this scam and other potential frauds.
Deepfake Videos and Hacked Accounts
The bank warned that fraudsters employed advanced artificial intelligence (AI) technology to fabricate a deepfake video depicting the governor endorsing the Tesler Code initiative. As per the BSP’s statement, criminals frequently utilize deepfake videos for identity deception, aiming to mislead the public and lure prospective investors into their scams.
As a analyst, I would rephrase it as follows: I’ve discovered that these malicious actors not only infiltrate the accounts of prominent individuals and government officials but also use the opportunity to disseminate deceitful content with the intention of manipulating their follower base and securing the trust of potential investors. The bank has made it clear to these scammers that impersonating the Bangko Sentral ng Pilipinas (BSP) or any of its representatives is a criminal offense according to the law.
As a researcher studying the banking sector, I can tell you that the primary role of a bank is to ensure financial stability for the country and protect consumers. To uphold this mission, the Bangko Sentral ng Pilipinas (BSP), the central monetary authority in the Philippines, has put in place robust regulations to govern the functioning of crypto exchanges within its jurisdiction.
As a researcher studying regulatory frameworks for cryptocurrency exchanges, I would describe these rules as follows: To maintain integrity and uphold trust in our platform, we have established regulations aimed at preventing deceitful practices such as fraud and money laundering. Simultaneously, we are committed to promoting transparency and accountability within our operations.
Ongoing Scammer Threats
As an analyst, I’ve observed that despite the regulatory measures put in place, scammers continue to pose a significant threat to the expanding crypto economy of the country. In a recent incident in June, these same criminals behind the “Tesler Code” project fraudulently impersonated Ayala Corporation, a well-known Filipino conglomerate, with the intent of exploiting their respected brand and reputation for the purpose of luring unsuspecting investors into their deceitful schemes.
Last Friday, the company dispelled allegations linking its chairman, Jaime Augusto Zobel de Ayala, to a questionable crypto initiative. The business clarified that Jaime holds no involvement in the suspected venture, advising investors to exercise caution and avoid engaging with it.
Ayala successfully took down all the deceitful websites and social media platforms that previously misled investors in connection with the project.
Read More
Sorry. No data so far.
2024-07-12 12:57