The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on MILLION MONEY or MILLION.MONEY, warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to not to invest or stop investing in any investment scheme offered by the said entity, its representatives or any entities engaged in schemes which promises ridiculous rates of return with little or no risks.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
The Securities and Exchange Commission (“Commission”) has received information that individuals or group of persons of person representing “MILLION MONEY” or “MILLION.MONEY” and promotes “ETHEREUM” and “ETHEREUM SMART CONTRACT.”
Based on the website, it claims that: it is a smart contract or application running on the Ethereum cryptocurrency network. The application code is programmed to distribute incoming transfers among participants according to a specific algorithm” and ”distribute incoming transfers among participants to a specific algorithm”.
Agents of MILLION MONEY declares that it has no project administrator or admin, it is “100% decentralized DAPP, peer 2 peer payment, impossible to scam and impossible to hack.”
Further, these agents advertise that Million Money turns a new member’s 0.03 ETH into 1,240 ETHs in 100 days.
Based on information gathered by the Commission, in order to become a member in the Philippines, depending on the package availed of, one must pay an amount ranging from not less than P500 to 510 pesos, and promises a potential income ranging from P100.00 to 16,000,000.00 within 100 days by inviting two (2) persons as downlines.
To join, an applicant must do the following:
1. Download “Trust Wallet” using “Google Playstore”;
2. Create a “Wallet” in the Trust Wallet;
3. Download and use “Coins.ph”;
4. Pay P500.00 to P510.00;
5. Send “Ethereum” to Trust Wallet using “Coins.Ph”;
6. Register in the website to gain access to the Million.Money dashboard;
There are at least five (5) ways to earn, to wit:
1. Potential Levelling Income- Subject on the level (Level 1 to Level 10) a team/group may promise 0.01 ETH or P100.00 to 1,280 ETH or P12,800,000.00 or P500.00 to P16,000,000.00 income within 100days.
2. Leveling Program (No need invite)- first come, first served. Under this program, an individual can still earn despite no recruits. Team members who actually recruited the downlines earns commission.
3. Direct Referral Bonus- 0.0025 ETH or P25.00
4. Income per Upgrade/Upgrade income- P50.00 to P1,200.00
5. Weekly Bonus
Based on the foregoing, such investment schemes adapted by “MILLION MONEY” or “MILLION.MONEY” are considered as securities subject to the regulatory authority of this Commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code.
Per records of the Commission, “MILLION MONEY” or “MILLION.MONEY” is not registered with the Commission as a corporation or partnership and NOT AUTHORIZED TO SOLICIT INVESTMENT FROM THE PUBLIC as the above-mentioned entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities and Exchange Commission.
Likewise, its name DOES NOT APPEAR among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944) which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration to operate as remittance and transfer company pursuant to the BSP Rules and Regulations.
In the same manner, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable under Section 28 of the SRC penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos G.R. No. 195542, 19 March 2014).
Thus, the public is hereby WARNED that the scheme employed by “MILLION MONEY” or “MILLION.MONEY” clearly shows indication of possible Ponzi Scheme where monies from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent member in case of scarcity of new investors.
Accordingly, the public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by any individuals/entities operating under the MILLION MONEY or MILLION.MONEY or such other entities engaged in similar activities or initial coin offerings and digital asset trading which are not compliant with the BSP and the
Should you have any information regarding the operation of the MILLION MONEY or MILLION.MONEY, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 14 July 2020.