According to the warning report by the Phillippine National Police Anti-Cybercrime Group (PNP ACG), which investigated several cryptocurrency game models, Phillippine citizens have been warned to be on the lookout for schemes used to extort money from the gaming community.
The Philippine police found Axie Infinity’s play-to-earn game inspired by the Pokemon alarming.
In Axiel Infinity’s game model, players need to buy at least three Axies characters to start playing the game. PNP ACG believes this would force users to pay at least $300 to start earning money. Considering how easy it is for players to lose digital tokens and NFTs, there is also a higher risk in playing crypto games than in investing in cryptocurrencies, according to PNP ACG.
“Just because a game’s underlying blockchain is secure does not mean its engine or marketplace is secure,” the warning read.
Since cryptocurrency is still new and poorly regulated, criminals are always using hacking and scams to take advantage of crypto players. The PNP ACG recommends users research the ecosystem and founders before investing in cryptocurrency and exercise caution when interacting with unknown individuals and phishing links.