Pasig City Warns Against Fake 'Pasig Coin' Crypto Scam
Fraudsters claiming government backing for a fake 'Pasig Coin' investment were spotted soliciting residents near Centennial II in Barangay Pinagbuhatan, prompting Mayor Vico Sotto's warning.
Key Takeaway
Fraudsters are impersonating government employees to sell fake crypto — always verify through official channels first.
Scammers falsely claiming to be Pasig City government employees have been approaching residents with investment pitches for a non-existent cryptocurrency called 'Pasig Coin.'
Mayor Vico Sotto posted an urgent warning on Facebook on May 17 after reports surfaced of impersonators operating near Centennial II in Barangay Pinagbuhatan. The fraudsters told residents the program was an official city initiative. Sotto said the city government does not offer any such program involving cryptocurrency.
The scheme follows a pattern of impersonation scams that exploit trust in local government institutions. Sotto has repeatedly used official channels to call out fraudulent schemes that borrow the city's branding and his name to build credibility with victims.
Residents should verify any local government program through official channels before participating. Legitimate city employees must wear official identification badges with employee numbers and the city seal. Pasig City's Public Information Office maintains documentation of all legitimate initiatives with press releases and official guidelines on its digital platforms.
Anyone who encounters suspected scammers should photograph or video the operation and report it to the Pasig City Public Information Office or the Philippine National Police. The city advises against confronting the scammers directly. The Securities and Exchange Commission regulates investments and cryptocurrency exchanges in the Philippines to protect investors and ensure compliance with strict laws.
🇵🇭 Filipino Impact
The Securities and Exchange Commission regulates all legitimate crypto exchanges in the Philippines — any investment offer claiming government backing without official documentation is fraudulent. Report suspected scams to the Philippine National Police or your local government's Public Information Office.
This article was written based on reporting from Radar.
