The Securities and Exchange Commission (SEC) issued an advisory against investing in an entity known as Airbit Club by offering cloud-mining contracts in return for a passive income.
The corporate regulator received information that individuals or group of persons representing Airbit Club and its marketing affiliate, Go88 Ventures, Inc., have been offering online investments to the public. While Go88 Ventures, Inc. was found to be registered with the SEC, it was not registered to sell securities to the public.
According to the information gathered by the SEC, Airbit Club and Go88 Ventures, Inc have been enticing the public to invest by offering online subscription packages, which allegedly allow an investor to earn passive income through regular daily rewards, or active income through recruitment of downlines.
The said online subscription is deemed as a cloud-mining contract as described in the SEC’s advisory issued on 10 April 2018 entitled “Advisory on cloud-mining contracts,” in which an investment contract falls within the purview of the term “securities” as defined by law.
The Commission advised the public to take extreme caution when investing in this type of investment or activity.
Information as to whether these securities are registered or not may be sought from the SEC’s Corporate Governance and Finance Department, or Market and Securities Regulation Department through telephone numbers 818-6103 and 818-5703 respectively.
The Commission also urges the public who has knowledge or information about any business transaction involving these securities or investment opportunities to report such activity so that appropriate actions could be taken through the Enforcement and Investor Protection Department at (02)818-6337 or (02)818-6047 or email at firstname.lastname@example.org.