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Cryptocurrency exchange Binance has assured the Federal Investigative Agency’s (FIA) Cyber Crime Wing (Sindh) its “full support” in an investigation into a multi-million dollar scam, said a senior FIA official on Tuesday.
The FIA last week issued a notice to a Binance official explaining its position on the company’s link to “fraudulent online investing mobile apps.” The apps were identified as MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp which used Binance blockchain addresses for transactions.
In today’s latest update, FIA Cybercrime Officer Sindh Imran Riaz said telephone contact was made with the crypto exchange on Friday evening, followed by further correspondence by email the next day.
“Binance has appointed a two-member team to coordinate with the FIA Cyber Crime. Investigators are associated with the US Department of the Treasury with a specialization in cryptocurrency investigations,” Riaz said in a tweet.
The FIA official appreciated Binance’s response and said he looked forward to continued cooperation with the exchange to uncover cryptocurrency-based criminal activity.
How did it all go?
The FIA opened an investigation into the mega financial scam after a number of people from across the country contacted the agency on December 20 and said at least 11 mobile apps had stopped working and “cheated them” “billions of rupees.
“The modus operandi of these apps was to require people to register with Binance Crypto Exchange (Binance Holdings Limited) […] the next step was to transfer money from the Binance wallet to that particular app’s account, ”the FIA said in a press release on Friday.
At the same time, all group members were added to groups on Telegram where so-called expert betting signals, on the rise and fall of Bitcoin, were given by the anonymous owner of the app and administrators. Telegram groups, “he added.
These apps crashed once a sizable capital base was established, robbing people of millions of dollars through the “referral bonus process”.
“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 giving the details of these blockchain wallet accounts as well as for them. block by debit, “the statement said.
“The reported investment range per person ranged from $ 100 to $ 80,000 with an estimated average of $ 2,000 per person, making the scam estimated at nearly $ 100 million.”
Subsequently, the FIA issued an attendance order to Hamza Khan, the CEO / growth analyst of Binance Pakistan, to explain his position on the company’s connection to the scam.
“In the event of non-compliance, the FIA Cyber Crime will be justified in recommending financial sanctions to Binance through the State Bank of Pakistan,” the FIA warned.
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