{"id":138299,"date":"2023-09-02T04:03:26","date_gmt":"2023-09-01T22:33:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138299"},"modified":"2023-09-02T04:03:26","modified_gmt":"2023-09-01T22:33:26","slug":"axie-infinitys-play-to-earn-scheme-alarms-phillippine-national-police-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/axie-infinitys-play-to-earn-scheme-alarms-phillippine-national-police-crypto-news\/","title":{"rendered":"Axie Infinity\u2019s play-to-earn \u2018scheme\u2019 alarms Phillippine National Police – Crypto News"},"content":{"rendered":"

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The Philippine National Police Anti-Cybercrime Group (PNP ACG) scrutinized some of the models used by cryptocurrency games, warning Filipino citizens against the various schemes used to extort money from the gaming community.<\/p>\n

While warning<\/a> against the risks of cryptocurrency gaming schemes, the Phillippine police highlighted the play-to-earn model used by Axie Infinity, a Pokemon-inspired play-to-earn<\/a> metaverse game created on the Ethereum blockchain. <\/p>\n

A player needs to purchase at least three Axie characters to start playing the game, which the PNP ACG believes forces users to shell out $300 before they can start earning. On the other hand, the police department sided with the traditional gaming industry, which averages up to $100 per user.<\/p>\n

Nine different Axie character types. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n

Playing crypto games can be riskier than investing in cryptocurrencies, according to the PNP ACG, considering the ease with which gamers can lose their digital tokens and nonfungible tokens (NFTs)<\/a>. <\/p>\n

Two tokens can be purchased on Axie Infinity. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n

From sending tokens to an unsupported wallet address to market volatility and online scammers, the crypto gaming community is under constant threat of losing their investments. The warning read:<\/p>\n

\u201cJust because a game\u2019s underlying blockchain is secure does not mean its engine or marketplace is secure.\u201d<\/p><\/blockquote>\n

The recommendation from the PNP ACG resonates with the best practices tied to crypto investments. Users are advised to conduct thorough research on ecosystems and founders before investing in cryptocurrencies, and users should be cautious when interacting with unknown individuals and phishing links.<\/p>\n

Related: <\/em><\/strong>The Philippines delays publishing crypto framework<\/em><\/strong><\/a><\/p>\n

The Department of Information and Communications Technology (DICT) of the Philippines recently got into a partnership with the Blockchain Council of the Philippines (BCP) to expedite Web3 adoption in the region. <\/p>\n

BCP\u2019s Donald Lim with participants of an event called The Launch Mixer. Source: BCP<\/em><\/figcaption><\/figure>\n

\u201cWe have seen the rise of innovative blockchain in startups, the success of blockchain-based business solutions and the birth of the initiative that makes blockchain for public good,\u201d said DICT Director Emmy Lou Versoza-Delfin during the announcement.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Philippine National Police Anti-Cybercrime Group (PNP ACG) scrutinized some of the models used by cryptocurrency games, warning Filipino citizens against the various schemes used to extort money from the gaming community. While warning against the risks of cryptocurrency gaming schemes, the Phillippine police highlighted the play-to-earn model used by Axie Infinity, a Pokemon-inspired play-to-earn […]<\/p>\n","protected":false},"author":2,"featured_media":138300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138299"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138299\/revisions"}],"predecessor-version":[{"id":148129,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138299\/revisions\/148129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138300"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}