- Philippine’s law enforcement agencies have taken note of Axie Infinity’s play-to-earn scheme.
- The Philippine National Police believes that such games can be riskier than directly investing in crypto.
- The agency warned its citizens and recommended they use legitimate exchanges to interact with crypto.
The Philippine National Police has taken note of Axie Infinity’s play-to-earn scheme and the outrage it has caused among the country’s citizens. The agency’s Anti-Cybercrime Group recently released a report after consulting various cybersecurity groups regarding play-to-earn games and their impact on the country’s gaming community and the broader public.
According to the National Police Commission’s report, play-to-earn games like Axie Infinity can be riskier than directly investing in cryptocurrencies. The agency’s report was prompted by mounting complaints from Filipino players, who accused the game of being predatory and costing them thousands of dollars worth of crypto assets.
The Anti-Cybercrime Group’s report noted that Axie Infinity’s expensive gaming model required players to pay up to $300 before getting a chance to play the game. This was followed by the risk of losing one’s crypto tokens and NFTs through incorrect transactions or malicious exploits by scammers. According to the agency, such play-to-earn games posed added risk due to non-compliance with industry standards, including anti-money laundering laws.
“Because cryptocurrency is relatively new and not well-regulated, criminals are always looking to take advantage of crypto gamers via hacks and scams. Just because a game’s underlying blockchain is secure does not mean its engine or marketplace is secure,” the Philippine National Police stated.
Axie Infinity players in the Philippines were initially drawn to the game during the Covid-19 lockdown. Many left their day jobs for an opportunity to make more cash by playing games. However, the game’s native currency, Smooth Love Potion (SLP), has lost more than 55% of its value in the past six months alone. The agency has warned citizens about play-to-earn schemes and recommended they use legitimate exchanges to interact with crypto assets.
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