**Binance Helps India Crack Down on $40 Billion Online Gaming Scam! đźđž**
- In an epic public-private collaboration, Binance, the worldâs largest crypto exchange, helped Indian authorities crack down on the online gaming app Fiewin that defrauded users of over $47.6 million.
- According to Binanceâs blog, Binanceâs Financial Intelligence Unit (FIU) provided crucial assistance that enabled Indiaâs Enforcement Directorate (ED) to trace the funds siphoned off by the appâs operators.
- Fiewin marketed itself as a project that allowed users to earn money by playing mini-games. However, once usersâ balances piled up, they were unable to withdraw funds, which were then diverted to various crypto wallets.
- The EDâs investigation found that Fiewin was linked to a cross-border criminal network that used various methods to hide the movement of illicit funds, including bank accounts and crypto wallets.
- With Binanceâs help, the ED was able to trace the flow of laundered money and uncover this vast fraudulent network.
- Four people have been arrested, who played a major role in facilitating the scam. They used a privacy-focused messaging app to communicate from different locations.
- The case is still ongoing, and the ED hopes to uncover the criminal network behind this fraudulent scheme.
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