Binance Helps Indian ED Crack $47.6 Million Fiewin Scam
Binance and India's Enforcement Directorate (ED) busted a $47.6 million Fiewin fraud.
Fiewin, an online game marketed as a way to get money, was investigated by the Indian ED for defrauding players out of nearly $47.6M. Four individuals were detained.
Digital wallets linked to crypto exchanges were exploited to launder money.
Binance said, âThroughout the EDâs investigation, Binanceâs FIU provided critical intelligence that was instrumental in tracing the funds and uncovering the fraud network.â
Binance's research team traced laundered money across crypto-wallets and helped ED uncover the scam's network.
The ED spokesperson said, âPublic-private collaborations are crucial in tackling complex financial crimes. Binance's specialist investigative team shows how private companies might collaborate with law enforcement. They helped us with analysis for the investigation.â
Binance said Fiewin software offered fast money via mini-games. With the ability to âtop upâ their in-app money using multiple payment methods, users rapidly created an account and began using the app. The program purportedly stopped withdrawing payments if users accumulated large balances.
The combined investigation identified and arrested fraudsters who were linked to Fiewin's game managers utilizing privacy-focused communication applications. Both companies are apparently working together to expose Fiewin app scam and identify everybody implicated.
Ferdinando D., Binance Investigation Specialist supporting ED, said, âThis case showcases the critical importance of collaboration between public institutions like the ED and private entities like Binance in addressing the new types of digital threats.â
