PDAX Executive Harry Santos Warns: Even “Professional” Crypto Projects Can Be Scams

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Even undoxxed teams can be scam crypto projects.

This was the core warning from Harry Santos, Senior Manager for Brand and Partnerships at the locally licensed crypto exchange PDAX, when asked about the red flags he looks for to determine if a project is legitimate.

His statements, delivered in a mix of English and Filipino, came during a panel discussion at Unfiltered 2026—The Next Play, the first-ever IRL event of the BitBulaga community this year.

“Doxxed” vs. Anonymous: Don’t Be Fooled

In the crypto space, a “doxxed” team means the developers have revealed their real identities to the public. Conversely, an “undoxxed” (or anon) team hides behind pseudonyms.

While many investors prefer doxxed teams for accountability, Santos warned that knowing a founder’s face is not a guarantee of safety. He explained that even a team “full of PhDs” can still rug-pull or defraud web3 enthusiasts.

The “Genius” Trap

Santos cited two high-profile examples where known identities did not prevent massive fraud:

• Craig Steven Wright: The founder of Bitcoin Satoshi Vision (BSV) who claimed to be Satoshi Nakamoto. In 2024, a U.K. court definitively ruled that he is not the creator of Bitcoin.
• Sam Bankman-Fried: The former CEO of FTX, who was a public figure and media darling before his exchange collapsed.

“Everyone thought that Sam Bankman-Fried was a genius and a great trader, but it turned out he was a fraud.”

Harry Santos, PDAX

The lesson here, according to Santos, is to always run background checks on the team, regardless of their public status. The exec also advised investors to examine the project’s community for organic engagement rather than bot activity.

The Major Red Flag: “Too Good to Be True”

When asked for the ultimate sign of a scam, Santos pointed straight to the promises.

He highlighted that any project offering a “too-good-to-be-true” investment scheme is almost certainly a trap. Specifically, he noted that guaranteed high returns are a mathematical red flag in the volatile world of crypto.

“When someone says, ‘I promise you that your money will grow by 100 times,’ do not believe that. That person is a scammer.”

Harry Santos, PDAX

Santos added that even a promise of 10% interest per month is already an over-promising scheme that investors should avoid.

This article is published on BitPinas: PDAX Executive Harry Santos Warns: Even “Professional” Crypto Projects Can Be Scams

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