Binance Helps Indian Authorities Track $47.6 Million in Fiewin Case
Binance’s financial intelligence unit helped India’s Enforcement Directorate (ED) track $47.6 million in the Fiewin case. This is a mobile app that promised guaranteed profits to investors.
The company’s note states that Fiewin users could perform various activities in the app to earn rewards. However, some of them required replenishing the balance.
After a certain amount was accumulated on the account, it was blocked. Many users suffered in this way, and the total loss from the fraud is about 4 billion rupees ($47.6 million).
The attackers tried to launder these funds using, among other things, Binance’s infrastructure.
“The exchange provided critical information that played an important role in tracking the funds and uncovering the fraudulent network. The ED investigation uncovered links to digital wallets through close collaboration with Binance's Financial Intelligence Unit (FIU)," the publication said.
