Pakistan To Investigate Binance For A $100M Scam

Pakistan’s Federal Investigation Agency (FIA) issued a notice to the  local representative of Binance on 6 January, after investors from the  country became victims of a massive fraud using cryptocurrency.

A FIA Cyber Wing press release told that said notice entails “an order  of attendance issued to Hamza Khan, the general manager/growth analyst  at Binance Pakistan, to explain his position on the company’s linkage to  fraudulent online investment mobile applications.”

They also added that “a relevant questionnaire has also been sent to  Binance Headquarters Cayman Islands and Binance US to explain the same.”

According to Bitcoin, the fraudsters engaged in this employed mobile apps offering Pakistanis crypto investment opportunities and people sent  between $100 and $80,000, or an average of $2,000 per person. 

People  were urged to register at Binance, the world’s leading crypto exchange,  and transfer the money from the Binance wallet to accounts linked to the  applications.

The press also explained that “at the same time, all members of the  group were added in groups on Telegram, where expert betting signals, on  the rise and fall of Bitcoin, were given by the anonymous owner of the  application and admins of the Telegram groups.”

The government commenced the criminal investigations after receiving  several complaints (on December 20 last year), regarding the ongoing  scam that misguided crypto investors to transfer funds from Binance  wallets to unknown third-party wallets.

Some of these embezzling applications were identified as MCX, HFC,  HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp.

Yellow Star
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Pakistan To Investigate Binance For A $100M Scam