The Securities and Exchange Commission (SEC) has warned the public anew against investing in Bitcoin Revolution, which presents itself as a cryptocurrency trading program supposedly endorsed by bilyonaryo Manny Villar and boxing champ Manny Pacquiao.
SEC issued the warning upon learning that Bitcoin continues to solicit investment investments from the public without the necessary license in violation of the Securities Regulation Code.
Investors are promised ridiculously high returns with little or no risk.
Under the scheme, investors could supposedly earn as much as $1,000 from a minimum investment of $250 within a day, a 300% return on investment per day or a total of 9,000% per month.
Bitcoin Revolution also claims that some of its traders managed to become millionaires in less than two months by simply investing in its scheme that purportedly offers a unique automated trading system or platform with a success rate of as high as 99% per transaction.
SEC said the quick and unrealistically high return promised by Bitcoin “presents a red flag for a Ponzi scheme, an investment scam where investors are paid using funds contributed by the succeeding investors”.
The group also continues to manage its digital exchange platform without the proper registration with the SEC.