The Philippines' Department of Justice (DOJ) has ordered an investigation into a cryptocurrency firm that allegedly used the name of Senate President Aquilino Pimentel III in order to lure clients.
The politician, commonly known as "Koko" Pimentel, was allegedly misrepresented by Digital Currency Co. Ltd. and Boy Joven in a cryptocurrency venture called Philippine Global Coin, according to a department order released yesterday, as reported by ABS CBN News.
Denying any affiliation with the cryptocurrency firm, Pimentel stated that there is "no partnership" between him and the firm, or the senate and the firm.
He further said in a statement released Monday that he was shocked at the Digital Currency Co. Ltd's "bold claims," and added that he had met company representatives, but only as a "matter of courtesy to visitors."
Pimentel further warned international Filipino workers to be careful over such cases where, names of government officials and organizations are used in investment schemes.
The order stated that, if sufficient evidence is found to support the case, appropriate charges should be filed against the company.
Image via Koko Pimental
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.