During the investigation of an alleged cryptocurrency scam involving about $100 million, Pakistan’s Federal Investigation Agency (FIA) sent a warning to Binance, a cryptocurrency exchange.
According to a statement from the FIA’s cybercrime department, the notice summoned Binance Pakistan’s general manager or growth analyst to come and explain the company’s viewpoint on the exchange’s linkage with fraudulent online investment mobile applications.
“An appropriate query has also been issued to Binance Headquarters Cayman Islands and Binance US to clarify the same,” the statement continued.
People from all around Pakistan filed complaints with the FIA last month, alleging that at least 11 mobile applications had ceased working over time and had robbed them of billions of Pakistani rupees, according to the FIA.
According to the statement, the early investigations revealed that each such application had an average of 5,000 customers, with HFC, one of the applications, having a high of 30,000 customers.
“The claimed range of investment per individual was from $100 to $80,000 with an estimated average of $2,000 per person,” according to the FIA, “putting the estimated swindle at approximately $100 million.”
