Crypto News– The Anti-Cybercrime Unit of the Philippine National Police has initiated a close examination of certain models employed by cryptocurrency games, issuing a cautionary advisory to Filipino citizens about the diverse tactics employed to extract funds from the gaming community.
Axie Infinity Play-to-Earn Approach Raises Concerns for Philippine National Police
In their alert about the potential hazards associated with cryptocurrency gaming models, the Philippine law enforcement specifically spotlighted Axie Infinity’s play-to-earn framework. Axie Infinity is a metaverse game inspired by Pokémon, leveraging a play-to-earn concept and built on the Ethereum blockchain.
To partake in the game, a player is required to procure a minimum of three Axie characters, an initial investment that, according to the PNP ACG, necessitates users to allocate around $300 before they can commence their earnings journey.
In contrast, the police department pointed out the traditional gaming sector, which typically demands an average expenditure of up to $100 per user. The PNP ACG emphasized that participating in cryptocurrency games could pose higher risks than investing directly in cryptocurrencies, mainly due to the susceptibility of gamers to potentially lose their digital tokens and nonfungible tokens (NFTs).
The recommendations from the PNP ACG echo the established best practices associated with cryptocurrency investments, urging users to diligently research ecosystems and founders before committing to cryptocurrency investments. Additionally, users are advised to exercise caution when interacting with unfamiliar individuals and suspicious phishing links.
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