No, Filipino Tycoons Are Not Promoting Crypto Investments

(SPOT.ph) The internet can be a wild place. Case in point: Scammers are now using the names and faces of the biggest tycoons in the country to lure in unsuspecting investors for cryptocurrency investments on various websites.

Here’s the thing: Jaime Augusto Zobel de Ayala, Lance Gokongwei, and Sabin Aboitiz have, through their corporations and conglomerates, denied their involvement in cryptocurrency investments being attached to their names. These men have no business with these entities, even if deepfakes of them might convince you otherwise. According to the Bangko Sentral ng Pilipinas (BSP), scammers are leveraging AI-manipulated videos on social media to spread misinformation.

"To guard against this scam and other similar schemes, the BSP urges the public to remain vigilant and to refrain from providing personal information to unverified or suspicious entities," the BSP said in a press release.

Also read: 50 Richest People in the Philippines, According to Forbes

Ayala, Gokongwei, and Aboitiz are not involved in cryptocurrency investments

Ayala Corporation has issued a public advisory to debunk the claims that its Chairman Jaime Augusto Zobel de Ayala is involved in a cryptocurrency project called "Tesler Code." The corporation emphasized that Ayala, or JAZA, has no connection to the project—or any other cryptocurrency investments for that matter.

Similarly, JG Summit Holdings recently responded to a scam that falsely claims that its President and CEO Lance Gokongwei is endorsing a cryptocurrency program called "Momentum Capital." The conglomerate also made it clear that Gokongwei is not associated with any cryptocurrency investments.

The Aboitiz Group is also dealing with a separate but related issue involving impersonators of its CEO Sabin M. Aboitiz. Scammers have created fake social media accounts under Aboitiz's name which are being used to engage with unsuspecting individuals.

The group has reiterated that they do not solicit investments, contributions, or donations through social media. 

So take extra caution when engaging with any individual or entity claiming to be a member of a high profile family or business. If a crypto investment opportunity sounds too good to be true, especially if it claims to be endorsed by a well-known business figure, it’s most likely a scam. It won't hurt to be on guard and ask around. The real tycoons are busy running empires, not personally promoting crypto on sketchy websites.