1. BITBILIHome
  2. Article

Philippine National Police warns against Axie Infinity’s P2E treacherous scheme

• 159 views

TL;DR Breakdown

  • The Philippine National Police Anti-Cybercrime Group (PNP ACG) has warned the Philippines citizens about models crypto games use to extort money.
  • The PNP ACG suggests that engaging in crypto games carries a higher risk than investing directly in cryptocurrencies.

Description

Axie Infinity has been named by the Philippine National Police Anti-Cybercrime Group (PNP ACG) as part of its warning to Philippine citizens regarding the diverse strategies employed to extort funds from the cryptocurrency gaming community by crypto games. In their cautionary stance against cryptocurrency gaming schemes, Philippine law enforcement specifically emphasized the play-to-earn approach utilized … Read more

Axie Infinity has been named by the Philippine National Police Anti-Cybercrime Group (PNP ACG) as part of its warning to Philippine citizens regarding the diverse strategies employed to extort funds from the cryptocurrency gaming community by crypto games. In their cautionary stance against cryptocurrency gaming schemes, Philippine law enforcement specifically emphasized the play-to-earn approach utilized by Axie Infinity.

Axie Infinity’s play-to-earn ‘scheme’

According to PNP ACG, potential players must acquire at least three Axie characters to initiate their participation in the game. This prerequisite, in their assessment, compels users to invest $300 before they can commence earning. In contrast, the conventional gaming sector, which garners an average of $100 per user, received support from the police department.

The PNP ACG suggests that engaging in crypto games carries a higher risk than investing directly in cryptocurrencies. This assessment is grounded in gamers’ vulnerability to potentially losing their digital and non-fungible tokens (NFTs) due to the inherent ease of such occurrences.

The crypto gaming community faces ongoing risks, ranging from sending tokens to unverified wallet addresses and the market’s instability to the presence of online fraudsters. The advisory conveyed that it’s important to note that the security of a game’s underlying blockchain doesn’t guarantee the security of its engine or marketplace.

The counsel provided by the PNP ACG aligns with established guidelines for sound crypto investments. Users are encouraged to meticulously investigate ecosystems and creators before investing in cryptocurrencies. Exercising caution when engaging with unfamiliar individuals and avoiding phishing links is also emphasized.

A collaboration has been established between the Philippine Department of Information and Communications Technology (DICT) and the Blockchain Council of the Philippines (BCP) to accelerate the adoption of web3 technology within the area. 

DICT Director Emmy Lou Versoza-Delfin, in the announcement, highlighted the emergence of inventive blockchain startups, the triumph of business solutions based on blockchain, and the inception of initiatives utilizing blockchain for societal benefits.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Philippine National Police warns against Axie Infinity’s P2E treacherous scheme

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月18日 01:05
Next 2023年8月18日 03:35

Related articles

  • Ripple’s XRP ruling threatens Celsius’ fate, counsel says

    TL;DR Breakdown Ripple-linked XRP tokens legal ruling is unlikely to have a major impact on the wind-up plans of bankrupt crypto lender Celsius, as its counsel clarified before a New York court. The XRP ruling has the potential to impact creditor repayments for those holding Celsius’ token, CEL.  The Fahrenheit consortium, the successful bidder for Celsius’ assets, plans to focus on less legally contentious ventures, including bitcoin mining and Ethereum staking. Description In a recent development in the crypto world, a significant legal ruling regarding the status of Ripple-linked XRP tokens as securities has caused ripples of concern among various stakeholders. However, the landmark judgment is unlikely to have a major impact on the wind-up plans of bankrupt crypto lender Celsius, as its counsel clarified before a … Read more In a recent development in the crypto world, a significant legal ruling regarding the status of Ripple-linked XRP tokens as securities has caused ripples of concern among various stakeholders. However, the landmark judgment is unlikely to have a major impact on the wind-up plans of bankrupt crypto lender Celsius, as…

    Article 2023年7月19日

  • Hong Kong’s Cyberport becomes hotbed for Web 3.0 innovation, attracts top tech companies

    TL;DR Breakdown Hong Kong’s Cyberport witnesses a surge in Web 3.0 registrations, attracting top tech companies. Finance Secretary allocates $6.39 million to Cyberport to nurture Web3 ventures. Cyberport hosts 1,900 digital tech enterprises, including Hashkey Group and Consensys. Description Hong Kong’s Cyberport, a renowned technological business park backed by the government, has witnessed a staggering surge in the registration of Web3 enterprises over the past year.  In a blog post published on Sunday, Finance Secretary Paul Chan revealed that more than 150 firms had joined the Cyberport ecosystem, although he refrained from disclosing their … Read more Hong Kong’s Cyberport, a renowned technological business park backed by the government, has witnessed a staggering surge in the registration of Web3 enterprises over the past year.  In a blog post published on Sunday, Finance Secretary Paul Chan revealed that more than 150 firms had joined the Cyberport ecosystem, although he refrained from disclosing their identities. Recognizing the immense potential of Web3 businesses and their contribution to the technology landscape, Chan announced a substantial allocation of HK$50 million (approximately $6.39 million) to Cyberport….

    Article 2023年6月21日

  • Hong Kong enlists HSBC, Visa, and more to test digital currency

    TL;DR Breakdown Hong Kong has begun testing a digital version of its currency, e-HKD, enlisting 16 firms, including HSBC, Bank of China Ltd., Alipay, and Visa for a pilot program. The trial focuses on exploring potential uses of the e-HKD in six key areas, including offline payments. Hong Kong has taken a step towards digital currency innovation with the launch of a pilot program to test an electronic version of the Hong Kong dollar, the e-HKD. The city has enlisted 16 firms, including banking giant HSBC Holdings Plc, the local branch of Bank of China Ltd., Alipay, a leading e-payment provider, and multinational financial corporation Visa Inc. This initiative underscores the metropolis’s increasing focus on cementing its reputation as a global fintech hub. Key players and prospective use cases The initiative draws upon a range of industry leaders in finance and technology. These entities have committed to investigating the viability and application of the e-HKD across various economic sectors. One of the key areas of interest is the possibility of using digital currency for offline payments, a move that could…

    Article 2023年5月20日

  • Self-proclaimed Bitcoin creator Craig Wright ordered to pay $516K to pursue case against Kraken and Coinbase

    TL;DR Breakdown UK judge orders Craig Wright to provide $516K as security to pursue case against Coinbase and Kraken. Wright accuses the exchanges of copyright infringement, claiming ownership of the term “Bitcoin.” Wright faces multiple legal challenges, including a U.S. case and a failed libel claim against a podcaster. Description Craig Wright, the self-proclaimed creator of Bitcoin, has been ordered by James Mellor, a judge at the England and Wales High Court, to provide £400,000 ($516,000) as security for legal costs to pursue his allegations against crypto exchanges Coinbase and Kraken. This ruling comes in light of Wright’s previous statements that he had made himself … Read more Craig Wright, the self-proclaimed creator of Bitcoin, has been ordered by James Mellor, a judge at the England and Wales High Court, to provide £400,000 ($516,000) as security for legal costs to pursue his allegations against crypto exchanges Coinbase and Kraken. This ruling comes in light of Wright’s previous statements that he had made himself financially “untouchable” by using a trust to shift assets. However, Judge Mellor raised doubts regarding Wright’s financial…

    Article 2023年7月27日

  • China’s economy falls into deflation as consumer prices fall

    TL;DR Breakdown China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. The government has established an inflation target of approximately 3% for the year, which has proven challenging. Description China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. This development is a prominent illustration of policymakers’ difficulties in stimulating consumer spending.  In July, the consumer price index experienced a 0.3 percent year-on-year decrease, contrasting with the previous month’s status quo. Simultaneously, the producer … Read more China’s economy is facing deflation, evidenced by the contraction of consumer prices for the first time in over two years. This development is a prominent illustration of policymakers’ difficulties in stimulating consumer spending.  In July, the consumer price index experienced a 0.3 percent year-on-year decrease, contrasting with the previous month’s status quo. Simultaneously, the producer price index, which measures the prices of goods at the factory level, saw a significant decline of 4.4 percent in July. China’s inflation trajectory fell in July…

    Article 2023年8月9日
TOP