Pakistani investigative agency issues notice to Binance over $100M scam
Pakistan's Federal Investigation Agency (FIA) has said it wants to talk to Binance as part of its investigation into a scam that allegedly cost several thousand investors more than $100 million.
Pakistan’s FIA issues notice to Binance
The FIA's Cybercrime Division has issued a notice to Binance Holdings Ltd. in the Cayman Islands and Binance.US, summoning Humza Khan, the managing director/growth analyst of Binance Pakistan, to explain his position on the association of fraudulent online mobile investment applications with Binance.The scam involved 11 mobile applications, 26 wallets, and several thousand investors. In December, Pakistani citizens reported to the agency that the apps had stopped working for some time and had defrauded the Pakistani people of billions of rupees, according to a statement by Riaz. "We are working with the Federal Investigation Agency to resolve these issues," Binance said in a tweet.
The total amount of the scam is nearly $100 million
The FIA said these applications tricked people into registering with crypto exchange Binance (Binance Holdings Limited) and then transferring the money from the Binance wallet to the account of the respective application. At the same time, the founders created a Telegram group. The anonymous owner of the application and the admins of the Telegram group gave so-called expert betting signals about the rise and fall of Bitcoin. The apps crashed after the founders created significant capital, and thousands lost their money.It was reported that the range of investments was between $100 and $80,000, with an estimated average of $2,000 per person, bringing the total amount of the scam to nearly $100 million. The apps were identified as MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK, and 91fp. All bank accounts associated with the apps have been blocked, Telegram has been contacted, influencers who promoted these apps have been legally warned, and Binance has been asked to provide details about the 26 wallets.
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