MANILA – A 23-year-old man, referred to by police as the "Crypto King," was arrested on Monday in Noveleta, Cavite province, for his alleged involvement in a multi-million-peso cryptocurrency scam.

Col. Marlon Quimno, chief of Criminal Investigation and Detection Group-National Capital Region, said the suspect had previously been arrested in 2023 due to estafa complaints but was released after posting bail. Courts in Makati and Parañaque recently issued new arrest warrants for the same complaints.

Quimno said some of the suspect’s supposed victims included police officers, media personalities, and government employees. The suspect allegedly borrowed money with the promise to return double the amount by investing it in cryptocurrency. But he instead allegedly used the money for gambling in casinos. 

“The severity of the case was based on the amount of money…. Naka-scam siya previously ng around P100 million and there was this certain person, one particular personality na he was scammed by around P11 million and up to now, allegedly we have around P500 to 600 million na ‘yong nakumlimbat,” Quimno said.

The suspect, who is now under the CIDG custody at Camp Crame, declined to speak with reporters.