26.01.202316:04 Forex Analysis & Reviews: One of the cryptocurrency fraud syndicates has been uncovered by Philippine police.

While ether is gradually recovering from its recent major sale, bitcoin is correcting lower following yesterday's regular update of the annual maximum in the vicinity of $23,700. The Philippine authorities claimed to have prevented a significant number of people from falling victim to a coordinated scheme to commit cryptocurrency fraud. People who were employed to operate in a contact center in Cambodia have defrauded others of their cryptocurrency by making alluring investment offers. The authorities added that they were looking into any possible involvement by government workers in the syndicate.

Six alleged victims were reportedly spared by the Philippine Bureau of Immigration from the actions of con artists who attempted to steal a significant sum of cryptocurrency. According to Immigration Bureau Commissioner Norman Garcera Tansingco, BI agents detained the alleged con artists just as they were ready to board a flight for Phnom Penh. The commissioner stated that these travelers gave incomprehensible responses to queries, which raised suspicion, and pointed out that they had bogus return tickets.

The authorities also carry out inspections against government officials, as I have said. Any BI workers connected to the bitcoin trading syndicate will be subject to punishment, according to Tansingco's pledge. He mentioned that the immigration officer in charge of preparing the travelers for departure had been placed on administrative leave while the investigation was ongoing. "We also want to assist in locating and apprehending recruiters who encourage people to participate in illegal schemes."

"They are to blame for this society's issues," declared the commissioner.

At least three people are now under investigation by the Immigration Bureau, according to BI spokeswoman Dana Sandoval. She acknowledged that there are also concerns about whether the bitcoin trading case is connected to organized crime groups that deal in human trafficking in Cambodia and Myanmar.

The government claims that criminal organizations, particularly in Asian nations, hire unwitting victims to work in call centers before defrauding users of social media and dating applications. To scam people in America and other countries for millions of dollars, tens of thousands of people from all across Asia were coerced through torture and threats.

The US government has frequently urged people to be aware of con artists who pretend to work for brokerage firms and offer to withdraw an accrued cryptocurrency deposit or to make investments. The FBI recently issued a warning, saying, "Be very wary when you join social networks and dating apps and someone starts having a dialogue with you and wants you to start investing."

Regarding the technical picture of bitcoin for today, the level of $23,180 continues to be the closest goal for the bulls. If you fixate on it, you'll create a new bullish trend with the potential to update $23,680. The $24,420 region will be the farthest objective, where significant profit-taking and a rollback of bitcoin may take place. In the case of renewed pressure on the trading instrument, protecting the $22,520 level will be of utmost importance because a breach by sellers would be detrimental to the asset. This will put pressure on bitcoin and create a direct path to $21,840. The world's first cryptocurrency will "drop" in the neighborhood of $21,320 if this level is broken.

Ether buyers are focusing on the breakdown of the nearest resistance level at $1,600. This is going to be sufficient to establish a foothold at the current highs and keep the bullish trend going. The market will undergo considerable adjustments as a result of this. If the price fixes above $1,600, the balance will be returned to the ether, with the possibility of growth to a maximum of $1,693 and $1,758. Longer-term targets will be around the $1,819 level. The $1,504 level, which was just reached, will be in use when pressure on the trading instrument resumes. If it succeeds, the trading instrument will rise to a minimum of $1,410. It will be difficult for bitcoin owners to trade below $1,320 (just $1,320).