Pakistaner lose millions through crypto fraud, Pakistan published notification to Binance-
Pakistaner lose millions through crypto fraud, Pakistan published notification to Binance-
investors from Pakistan have become the victim of a massive fraud with cryptocurrency. The most important law enforcement agency in the country has published the crypto exchange Binance in connection with the fraud, which led to a loss of $ 100 million for Pakistaner, as media reports unveiled.
fraudsters attract Pakistaner to invest in cryptocurrency
Pakistans Federal Investigation Agency ( fia ) has uncovered a crypto investment fraud, the Pakistani citizens allegedly cost around 17.7 billion rupees (around 100 million US dollar) has. Imran Riaz, director of the FIA wing for cybercrime, said on Friday that the organizers had used cryptocurrencies. Quoted from local media, Riaz announced:
We have initiated an investigation after we received complaints about fraud in which billions of rupees were committed over nine online applications.
The fraudsters used mobile apps that offered Pakistani crypto investment opportunities and sent between $ 100 and $ 80,000 or $ 2,000 per person. Investors were asked to register with Binance, the world's leading crypto exchange, and to transfer the money from the bony wallet to accounts that are linked to the applications. On December 20, the authorities were contacted by many users who complained that around a dozen apps suddenly no longer worked.
"During the investigation it was found that the fraudulent accounts of various applications, namely MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91FP, Taskok, were linked to Binance-Wallets," said officials. Everyone had an average of 5,000 customers. The FIA notified Hamza Khan, who was identified as a representative of Binance for Pakistan, and personally charged him on January 10th.
"The Fia Cyber Crime Sindh has Hamza Khan, General Manager/Growth Analyst at Binance Pakistan (Crypto Currency Exchange), a presence arrangement to explain its position on the connection to the connection of fraudulent mobile online investment applications with Binance," said the FIA, quoted by the Express Tribune and other news agency. "A relevant questionnaire was also sent to the Binance central Cayman Islands and Binance US to explain the same," added the agency in a press release.
authorities keep Pakistani crypto transactions in the eye
The FIA claims to have identified 26 Wallet addresses that were used to transfer the money. "A letter was written to Bingings Holdings Limited to inform the details of these blockchain wallet accounts and to block them," said the agency, adding that it also had supportive documents and information about the integration of the apps into the Coin retail platform.
The FIA finds that Binance is the "largest unregulated virtual wallet" in which Pakistaner has invested millions of dollars and warns the FIA that its department for cybercrime in the event of non -compliance could recommend the State Bank of Pakistan ( sbp ) impose fines. It has now started to monitor the transactions made by Pakistaners on the stock exchange.
police officers also contact the popular Messaging app Telegram, since members of the program have been added to various groups that spread signals on Bitcoin's price fluctuations. The FIA transmits legal information to social media influencers that have advertised the apps and taken steps to block all bank accounts connected with fraud.
In December, the Federal investment office frightened over 1,000 bank accounts and maps Crypto dealers from Pakistan. According to a circular of the SBP in April 2018, the purchase and sale of cryptocurrencies in the country is still prohibited. Despite the ban is a recently published report that Pakistainer did 20 billion dollar in Krypto-aunt. calls to regulate the associated transactions.
Do you expect Pakistan to further restrict crypto investment and trade after this fraud? Let us know in the comment area below.
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