Pakistani crypto investors

In recent news, an online cryptocurrency trading mobile app has robbed thousands of Pakistani crypto investors of more than Rs. 1 billion of their hard-earned money on the front of making easy earnings by just gambling on the price of Bitcoin. The application conducting a Bitcoin scam is known as the “HFC Pak Trading App.”

More Than 40,000 Pakistani Crypto Investors Were Targeted

The scammers behind the Bitcoin scam application targeted more than 40,000 unsuspecting Pakistani crypto investors to make them download the application. For betting, the Pakistani crypto investors were required to convert real banknotes into digital currency through a digital money changer and deposit it in their accounts within the application.

Pakistani crypto investors were then asked to log on to the application four times a day for five-minute-long sessions to gamble on the price of Bitcoin by using the cryptocurrency in their accounts. The investment made by digital currency fanatics varied between $30 and $50,000. The scammers initially gave some earnings to the users to win their confidence.

Owners of the Bitcoin Scam App Promoted the App on Both Social Media and Parties 

Encouraged by easy earnings, the users not only made more investment but also referred the trading platform to their companions, for which they were given rewards. Furthermore, the scammers also used to organize parties at upmarket hotels for the users of the HFC Pak Trading App. The videotapes of the parties were shared on different social media platforms, which in turn obtained more Pakistani crypto investors to the platform.

Read more: Federal Commerce Entity Submits Proposals for the Use of Cryptocurrency in Pakistan

However, earlier this month on 19 December, the Bitcoin scam app crashed and has been offline since. The scammers have gone underground with the hard-earned Rs. 1 billion of the investors. Meanwhile, the Federal Investigation Agency (FIA) has reported a case against the owners of the HFC Pak Trading App and further questioning is underway. Head of FIA Sindh’s Cyber Crime Wing (CCW), Imran Riaz, has encouraged the involved victims to come forward and share the details of their investment with the CCW team analyzing the Bitcoin scam.

Source: Pro Pakistani


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