A 23-year-old man, dubbed the “Crypto King” by authorities, was arrested on Monday in Noveleta, Cavite, for allegedly orchestrating a large-scale cryptocurrency scam. The suspect, whose identity has not been publicly disclosed, is accused of defrauding individuals of hundreds of millions of pesos.

Previous Arrest and Ongoing Complaints

Col. Marlon Quimno, Chief of the Criminal Investigation and Detection Group (CIDG) for the National Capital Region, confirmed that the suspect had been previously arrested in 2023 due to multiple estafa complaints. However, he was released after posting bail.

Since then, new arrest warrants have been issued by courts in Makati and Parañaque in connection with the same complaints.

Victims Included Police, Media Personalities, and Government Employees

The suspect allegedly promised his victims that he would double their investments through cryptocurrency, only to reportedly use the funds for gambling in casinos. Among the victims were police officers, media personalities, and government employees.

“The severity of the case was based on the amount of money involved,” said Quimno. “He scammed around P100 million previously, and one particular personality was scammed for P11 million. Currently, we estimate that he has defrauded people of around P500 to P600 million.”

In Custody, But Silent

The suspect, now in CIDG custody at Camp Crame, has declined to comment on the accusations. The investigation is ongoing as authorities continue to gather more evidence and identify other potential victims of the scam.

Local authorities are advising the public to be cautious of investment schemes that promise unusually high returns, as scams related to cryptocurrency continue to rise.