A 23-year-old guy, who proudly referred to himself as the “crypto king,” has been caught by law enforcement authorities in Paranaque City, Philippines, in a significant development in the realm of cryptocurrency fraud. Vance Joshua Tamayo and his suspected accomplice Gerome Laries were detained in connection with the alleged mastermind of a cryptocurrency fraud that defrauded his clients of at least P100 million.

The Arrest

Around 4:30 a.m., when members of the Criminal Investigation and Detection Group (CIDG) arrived on the site, the arrest was in progress. In Barangay Tambo, in front of a casino and entertainment complex on Aseana Avenue, Vance Joshua Tamayo and Gerome Laries were detained.

The arrest, which represents a significant development in the continuing investigation into this well-publicized Bitcoin scam, was verified by CIDG Director Maj. Gen. Romeo Caramat Jr.

The ‘Crypto King’ and His Supposed Offenses

Vance Joshua Tamayo became known as the “crypto king” due to his alleged involvement in a cryptocurrency fraud that duped multiple victims of sizable sums of money. A minimum of 10 people have filed complaints, alleging damages totaling more than P100 million. One victim who was particularly displeased claimed to have lost P11 million to Tamayo’s plan.

Although the specifics of this cryptocurrency scam’s operation have not been made public, it is assumed that it preyed on people’s trust and aspirations in the industry.

The victims of this Bitcoin scam suffered enormous financial losses, some of which were significant enough to change their lives. Scammers are taking advantage of the relative anonymity of digital currencies and the appeal of getting rich quickly to carry out their schemes, which has led to an increase in the number of cryptocurrency scams around the world.

The Upcoming Legal Process

Now that Vance Joshua Tamayo is in custody, the legal procedure will proceed as the prosecution builds its case. It is anticipated that he will be charged with fraud, theft, and other financial offenses.

This arrest makes it abundantly obvious that those who commit Bitcoin fraud will be pursued and held responsible for their crimes. Anyone who thinks they might have fallen victim to this or a similar scam is urged to come forward and submit information to aid in the investigation by the authorities.

the Vance arrest The rise of Joshua Tamayo, the self-styled “crypto king,” is an important step in the continuing fight against bitcoin fraud and frauds. It serves as a reminder that although the bitcoin industry has a lot of potential, it can also be taken advantage of by dishonest people. Potential investors are advised to exercise caution, do due diligence, and seek reliable sources of information before engaging in Bitcoin transactions as law enforcement agencies continue to crack down on such schemes.