In its latest round of advisories, the Security and Exchange Commission (SEC) issued an advisory against Pogi Breeds, a company that claims to use people’s money in buying and breeding Axies and in playing Axie Infinity.

In the said advisory, SEC emphasized that Pogi Breeds, which is headed by Gino Mendoza aka Nigo Tekashii, is not registered with them and is not authorized to solicit investments to the public since it did not secure prior registration and license to solicit investments from SEC.

Among the activities of Pogi Breeds that the SEC flagged is their co-partnership program, which entices people to invest anywhere between Php 5,000 to Php 250,000 with promised earnings that range from Php 100 to Php 25,000 daily for 45 days.

That translates to a supposed total earnings of anywhere between Php 4,500 to Php 225,000 or 90% per contract in 45 days. Despite the suspiciously high returns it claims to offer–including the part where it mentions referral commissions, Pogi Breeds claim that they will return the capital after 59 days or after the contract has ended.

Pogi Breeds even specifies that “request for profit” and “release of cashout” are only every Mondays and Thursdays, and that investors can pay in and receive their pay out via GCash and Unionbank.

“The public is hereby warned that such investment schemes are considered as securities subject to the regulatory authority of this Commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code.”

On top of being a very suspicious investment scheme, SEC adds that Axie Infinity and its developer Sky Mavis are not registered and not licensed to do business in the Philippines.

Aside from the SEC, the DOF, BIR, and BSP are also looking into Axie Infinity and point out that aside from needing to have a license to operate, earnings from Axie are subject to tax.