Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
Amid growing concerns from the crypto community, locally licensed Virtual Asset Service Provider (VASP) TopJuan Tech has denied any involvement with The Privilege Club and StableSwap, two defunct high-yield crypto ventures now facing scrutiny over reportedly missing funds amounting to more than $20 million.
TopJuan Tech is registered as both an Electronic Money Issuer (EMI) and Virtual Asset Service Provider, enabling TopWallet to support both digital asset services and fiat transactions under the Bangko Sentral ng Pilipinas (BSP)’s oversight.
BitPinas has reached out to TopJuan for further comment but has yet to receive a response.
What Happened?
A day after BitPinas reported the partnership between DvCode and TopJuan, several individuals claiming to be scam victims joined the BitPinas Official Community Group on Telegram alleging that TopJuan and its representative Karl Coelho were involved with the defunct projects and have their money.
While Coelho’s name was not explicitly mentioned in the article, the alleged victims pointed to a photo included in the report, which showed him shaking hands with DvCode CEO Eli Rabadon during what appeared to be a formal signing of the partnership between the two companies.
The article, which was intended to cover a partnership between the two tech firms, was misinterpreted by the alleged victims as a partnership between BitPinas and TopJuan.
In the BitPinas Official Community Group on Telegram, the alleged victims claimed that Karl Coelho played a central role in the failed schemes involving StableSwap and The Privilege Club.
Legal expert Atty. Rafael Padilla, who is a member of the BitPinas Telegram group posted that while he cannot comment on the matter, he advised caution and due diligence:
Note: BitPinas reiterates that it has no commercial relationship with Top Juan or any associated entities and remains committed to independent journalism.
TopJuan Clears Its Name, Denies Involvement
Accordingly, TopJuan Tech Corporation, immediately released an official notice and denied any association with the collapsed crypto projects.
In a statement posted publicly, the firm clarified it is “not affiliated, associated, connected, related, or in any way in partnership with ‘Privilege Club,’ ‘Stable Swap,’ or ‘Privilege Club, a.k.a. Stable Swap.’”
TopJuan further emphasized that it does not offer liquidity pool or cryptocurrency staking services and warned that any claims suggesting otherwise are false.
“The public is hereby alerted that any activities or transactions coursed through any platforms or websites that bear the product names, logos, brands, or images featured or referred to as any of the Community Platforms mentioned above are not hosted and operated by TopJuan.”
TopJuan
TopJuan urged the public to remain vigilant against misinformation and to verify the authenticity of crypto-related platforms and services:
The BitPinas team has already asked the TopJuan team for further comments on the matter. But as of June 20, 2025, the publication still received no response.
DVCode Releases Statement
Following growing public concern over its partnership with TopJuan, DvCode Technologies Inc. released a statement, acknowledging awareness of the concerns circulating online and noted that while it will not comment on unverified claims or ongoing legal matters, it is currently conducting an internal review as part of its due diligence.
“DvCode remains committed to building a responsible and trustworthy tech ecosystem. We will take appropriate steps based on facts and developments as they unfold.”
DVCode
What are Stableswap and The Privilege Club?
While limited information is currently available, with both the website and social media accounts taken down, The Privilege Club and its associated platform StableSwap are believed to have operated as liquidity platforms in the decentralized finance (DeFi) space.
According to some Medium posts (1, 2, 3), Privilege Club, formerly known as StableSwap, was a DeFi platform that promised users up to 0.5% daily returns on stablecoins like $USDT and $USDC.
It operated through various revenue-generating mechanisms such as OTC spreads, remittance fees, P2P transaction fees, and on/off-ramp charges, with 80% of collected fees reportedly allocated to user rewards.
Users were required to register via an invitation-only system and make minimum deposits to join different “Opportunity Pools” with fixed terms ranging from 60 to 300 days, after which, initial deposits were said to be returned.
Launched in 2024 with promises of secure, high-yield crypto investments, the two platforms reportedly attracted a global investor base. However, reports from community channels indicate the platforms abruptly shut down, leaving users without access to their funds or any customer support.
In the case of TopJuan, a YouTube livestream in January 2024 featuring an AMA session with Danny D, a co-founder of the platform Stable Swap, mentioned that they are offering over-the-counter features in the Philippines through their partnership with TopJuan Tech.
Despite the scale of the fallout, no official regulatory warnings were issued before the platforms went offline. In the absence of clear recourse, dozens of affected users now claim they are preparing to take legal action in hopes of recovering their lost assets.
This article is published on BitPinas: VASP-Licensed TopJuan Denies Ties to Collapsed StableSwap, Privilege Club
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