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.
9886 Total Views
43 Total number of shares
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.
“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”.
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:
Ethereum Code Publisher Resigns Over Legal Concerns Over Proposed Ledger Modification
Follow us on Telegram Y 
Google news to receive all the news instantly
Note: This article has been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Ello Cooper 22oz Stainless Steel Water Bottle with Straw and Carry Handle, Double Walled and Vacuum Insulated Metal, Leak Proof Locking Lid with Soft Silicone Spout, Reusable, BPA Free, Black
$10.99 (as of February 6, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
The Rise And Fall Of A Midwest Princess
$32.99 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Kasa Smart Indoor Pan-Tilt Home Security Camera, 1080p HD Dog Camera w/Night Vision, Motion Detection for Baby & Pet Monitor, Cloud & SD Card Storage, Works w/ Alexa & Google Home, 2.4G WiFi (EC71)
$17.39 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
HydroJug Traveler - 20 oz Water Bottle with Handle & Flip Straw - Fits in Cup Holder, Leak Resistant Tumbler-Reusable Insulated Stainless Steel & Rubber Base - Gifts for Women & Men, Belle
$34.99 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
