Cryptocurrency Fraud: Is Illegal Cryptocurrency Transactions Causing Fraud in Pakistan?
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This is Musa (pseudonym) who lost some of his money after being scammed by a digital 'double king' in his quest to make profits through cryptocurrency transactions, but he learned a lesson from the experience.
They are not alone but there are thousands and millions of people whose actual data no one has who participate in cryptocurrency transactions despite the ban in Pakistan. Some make money, some lose.
Recently the FIA flagged an online fraud in which several companies involved in cryptocurrency transactions have defrauded thousands of Pakistanis. was banned but nevertheless the trend of this digital currency business has grown rapidly over the years. Along with this trend of transactions, there has also been an increase in online fraud, with thousands of people falling for the scam and being tempted to make quick and easy money through cryptocurrency.
Digital currency is essentially a payment mechanism on an electronic level. You can make purchases with it, but so far it can only be spent at certain locations. With it you can pay for video games or social networks.
Currently, there are more than 4000 cryptocurrencies in use in the world, with Bitcoin being the top. Since its introduction in the year 2009, the price of Bitcoin has seen extreme fluctuations.
How did the online cryptocurrency fraud of 18 billion rupees happen?
One such online fraud is being investigated by the Federal Investigation Agency (FIA) of Pakistan, in which a total of 100 million dollars or 18 billion rupees were invested in cryptocurrency by people from different parts of the country. Capital suddenly disappeared.
According to a notification issued on January 6 by Shahryar Ahmad Khan, Assistant Director of FIA's Cyber Crime Reporting Center Karachi, the fraud involved around 11 accounts used for cryptocurrency transactions and between International cryptocurrency exchanges were linked to Binance.
It should be noted that Binance is the world's largest cryptocurrency exchange, founded in 2017 and registered in the Cayman Islands. Through such exchanges, people buy cryptocurrencies and earn profits through transactions by looking at the volatility.
Generally, this exchange is a platform for cryptocurrency investors to open an account and transact. But many people also use mobile phone applications and websites for this transaction, in which capital is invested through someone else rather than investing directly. The same thing happened in this fraud.
According to FIA Assistant Director Shahryar Ahmad Khan, Binance's representative in Karachi, Hamza Khan, was also summoned and Binance's head office was also made a part of the investigation.
According to FIA's Sindh Cybercrime chief Imran Riaz, global crypto exchange Binance has named two cryptocurrency experts who are former employees of the US Treasury after contacting FIA Cybercrime.
According to him, Binance has assured that Binance will fully cooperate with the FIA in investigating the fraud of 11 apps using blockchain addresses and they hope that the culprits can be identified.
According to Syed Aoun of Crypto Brothers, a cryptocurrency trading company, the biggest loss in this online fraud was those who wanted to earn millions and millions of rupees without understanding cryptocurrency.
Syed Aoun says that people definitely made money in this way from cryptocurrency transactions, but it was people who understood it and did the transactions themselves.
Suppose you have one crore rupees and you want to invest in the property market. One way is that you will research where to invest money and buy a plot or a house and after some time sell it at a profit. Another way is that you get a dealer who asks you to give him your capital and he says that where you will make 20 or 30 lakhs in six months, he will make you more than a crore profit.
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