5 people arrested over cryptocurrency scam

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Metro Manila (CNN Philippines, May 18) — Authorities arrested five people for their supposed involvement in a cryptocurrency scam that defrauded both locals and foreigners.

The arrests happened in Pasig City on May 17, according to the Philippine National Police's Anti-Cybercrime Group (PNP-ACG). Two Filipinos, two Israelis, and one from the United States were taken into custody.

The PNP-ACG said the scam was done through online platforms and social media, targeting those seeking help with their digital currency holdings.

"This involves the suspects coercing victims into downloading remote desktop software, such as TeamViewer, under the pretense of providing help, but instead gaining access to their passwords and transferring their cryptocurrency balances to the scammers' wallets," the PNP-ACG said.

No details were provided on how many people were victimized, or the amount of their financial losses.

The PNP-ACG said those arrested will face charges for violating the Cybercrime Prevention Act of 2012 and Presidential Decree No. 1829 or Penalizing Obstruction Of Apprehension of Criminal Offenders.