Manuel Villar, the country’s richest man, denied social media posts that he is engaged in and endorsed a cryptocurrency trading program.
“I wish to warn the public about a false social media posting claiming that I endorsed a cryptocurrency trading program,” Villar said in a statement Tuesday.
“I have never made any such endorsement nor I have engaged in the said bitcoin program. This is obviously a scam and I ask the public to protect themselves from such unscrupulous act,” he said.
Several postings from various social media platforms reportedly quoted Villar endorsing a cryptocurrency trading program called Bitcoin Revolution.
Villar is currently the chairman of Vista Land & Lifescapes Inc., one of the leading house and lot developers in the country.
He also owns several listed firms including Starmalls Inc., AllHome Inc., and Golden Bria Holdings Inc.
Forbes named Villar as the country’s richest with total estimated net worth of $6.6 billion as of September 2019.
The Securities and Exchange Commission is currently draft the rules on initial coin offerings and cryptocurrency.
Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. The SEC plans to issue the final version of the rules this year.