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

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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.

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