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Investors from Pakistan have become victims of large-scale fraud using cryptocurrencies. According to media reports, the country’s main law enforcement agency has notified Binance, a cryptocurrency exchange, about the scam, which caused Pakistanis to lose 100 million U.S. dollars.
Fraudsters use Binance to lure Pakistanis to invest in cryptocurrency
Pakistan FBI (son) Discovered a crypto investment scam that allegedly cost Pakistani citizens approximately 17.7 billion rupees (approximately US$100 million). Imran Riaz, head of the FIA’s cybercrime department, said on Friday that the organizers used cryptocurrency when providing detailed information about the case. Quoted by the local media, Riaz announced:
We launched an investigation after receiving complaints about fraud involving billions of rupees using nine online apps.
Fraudsters use mobile apps to provide Pakistanis with cryptocurrency investment opportunities, and people send them 100 to 80,000 US dollars, or an average of 2,000 US dollars per person. Investors are urged to register with Binance, the world’s leading cryptocurrency exchange, and transfer money from the Binance wallet to the account associated with the application. On December 20, many users contacted the authorities and they complained that about a dozen applications suddenly stopped working.
“During the investigation, it was discovered that fraudulent accounts in different applications, namely MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91fp, TASKTOK, were all associated with Binance Wallet,” the official explained in detail. Each has an average of 5,000 customers. The FIA has notified Hamza Khan that he has been confirmed as Binance’s Pakistani representative and summoned him to appear in court on January 10.
“FIA Cybercrime Sindh has issued an order to attend Hamza Khan, General Manager/Growth Analyst of Binance Pakistan (cryptocurrency exchange) to explain his position on the link between fraudulent online investment mobile apps and Binance,” the FIA said. The quote was reported by Express Tribune and other news media. The agency added in a press release: “It also sent a related questionnaire to Binance Cayman Islands headquarters and Binance America to explain the same situation.”
Authorities pay close attention to Pakistani cryptocurrency transactions
The FIA claims that it has identified 26 wallet addresses on Binance to transfer funds. The agency stated: “It has written to Binance Holdings Ltd. to provide details of these blockchain wallet accounts and debit them to freeze them,” adding that it also requested supporting documents and related application integration with coin transactions. information platform.
Noting that Binance is the “largest unregulated virtual currency exchange” where Pakistanis invest millions of dollars, the FIA warned that if it does not comply with regulations, its cybercrime department may recommend the National Bank of Pakistan (Systolic blood pressure) Impose financial penalties. It has now begun to closely monitor the transactions of Pakistanis on exchanges.
As members of the program are added to various groups that spread bitcoin price fluctuations, law enforcement officials are also contacting the popular messaging app Telegram. The FIA is providing legal notices to social media influencers who have been promoting the app and taking steps to block all bank accounts related to the scam.
In December, the FBI freeze More than 1,000 bank accounts and cards used by crypto traders from Pakistan. According to a notice issued by SBP in April 2018, the country still prohibits the buying and selling of cryptocurrencies.Despite the ban, a recent report disclose Pakistanis have invested 20 billion U.S. dollars in crypto assets. call The government’s supervision of connected transactions has increased.
After this fraud case, do you want Pakistan to further restrict cryptocurrency investment and trading? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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