Pakistan to Investigate Binance for Multi-Million Dollar Crypto Scam

Pakistan’s federal agency launched a criminal investigation after receiving numerous complaints against an ongoing scam involving misleading investors to send funds from Binance wallets to wallets of unknown third parties.

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Pakistán investigará a Binance por estafa de criptomonedas multimillonaria

Pakistan’s Federal Investigation Agency (FIA) reportedly issued a formal notice to cryptocurrency exchange Binance in an effort to identify links around a multi-million dollar cryptocurrency scam in the region.

The government of Pakistan launched a criminal investigation after receiving numerous complaints against an ongoing scam involving misleading investors to send funds from wallets to Binance to unknown third-party wallets. Depending on local coverage, the FIA ​​Cyber ​​Crimes Wing has issued an order for assistance to the general manager of Binance Pakistan, Hamza Khan, to identify the link of the exchange with “fraudulent online investment mobile applications”.

KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local representative of Binance, @cz_binance @binance @BinanceHelpDesk @BinanceUS pic.twitter.com/3oukwzmDqh

— Innocent Pa shteen✌ (@FighterDawar) January 7, 2022

KARACHI: The Federal Investigation Agency (FIA) detected a online fraud of 100 billion rupees using a cryptocurrency and issued a notice to the local representative of Binance.

  • The Pakistanis Hold $20 Billion In Crypto Assets, Says Local Association Head

    “A relevant questionnaire was also sent to Binance Headquarters in the Cayman Islands and Binance US to explain the same ”

    , reads the notice. Investment scams in Pakistan were carried out by asking users to register with Binance and transfer funds to third-party wallets under the guise of unrealistic returns. According to the FIA ​​notice:

    “These schemes benefit old customers to expense of the new ones and finally disappear when they have obtained a substantial capital base worth billions of rupees”.

    Based on complaints filed by citizens, the Pakistani agency identified at least 11 rogue mobile apps that suddenly stopped working after successfully stealing user funds. The applications identified by the FIA ​​are MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp.

    In addition to directing users to register with Binance to transfer the funds, the scammers added the victims to a Telegram group for providing “expert betting signals”.

    Each app hosted about 5,000 customers on average. The notice added:

    “At least 26 suspicious blockchain wallet addresses (Binance wallet address) have been identified where a fraudulent amount may have been transferred. A letter has been written to Binance Holdings Limited to provide the details of these blockchain wallet accounts as well as debit lock them “.

    TBinance has also been asked for details, including official supporting documents and the integration mechanism of the APIs used by the scammers to connect with the Binance services.While the FIA ​​has proactively blocked bank accounts that were linked to the suspicious apps, the notice warned:

    “In case of non-compliance, FIA cybercrime will be justified to recommend economic sanctions on Binance through the State Bank of Pakistan”.

  • Pakistan High Court Orders Government To Regulate Crypto Within Three Months
  • Binance has not yet responded to Cointelegraph’s request for comment.

    In December 2021, the president of the Federation of Chambers of Commerce and Industry of Pakistani (FPCCI) Nasir Hayat Magoon revealed that Pakistani citizens have a combined worth of crypto assets of $20 billion.

    As Cointelegraph reported, the chairman of the FPCCI confirmed the figures based on an investigative article published by the chamber. Backing up the claim, the Chainalysis Global Cryptocurrency Adoption Index 2021 ranked Pakistan as the third highest in terms of index score behind Vietnam and India.

    Keep reading:

  • Pakistanis Hold $20 Billion In Crypto Assets, Says Local Association Head
  • Chainalysis: Growth in Institutional Adoption Caused Cryptocurrency Transactions to Skyrocket 706% in Asia
  • The superior court of Pakistan orders the government to regulate cryptocurrencies in three months
  • Nobel Laureate in Economics Says Crypto Is the Latest in a Line of Alternative Currencies
  • Ethereum Code Publisher Resigns Over Legal Concerns Over Proposed Ledger Modification

  • Hong Kong: digital currency of the central bank “is not clearly superior to the already existing infrastructure”
  • LCX loses USD 6.8 million by compromising one of its hot wallets on the Ethereum blockchain
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