July 14, 2020
ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT
SEC ADVISORY
The Securities and Exchange Commission ("Commission") has received information that individuals or group of persons representing "MILLION MONEY" or "MILLION.MONEY" and promotes "ETHEREUM" and "ETHEREUM SMART CONTRACT." HEITAD
Based on the website, it claims that: it is a smart contract or application running on the Ethereum cryptocurrency network. The application code is programmed to distribute incoming transfers among participants according to a specific algorithm" and "distribute incoming transfers among participants to a specific algorithm."
Agents of MILLION MONEY declares that it has no project administrator or admin, it is "100% decentralized DAPP, peer 2 peer payment, impossible to scam and impossible to hack."
Further, these agents advertise that Million Money turns a new member's 0.03 ETH into 1,240 ETHs in 100 days.
Based on information gathered by the Commission, in order to become a member in the Philippines, depending on the package availed of, one must pay an amount ranging from not less than P500 to P510 pesos, and promises a potential income ranging from P100.00 to P16,000,000.00...
