#Binance Uncovers $47.6 Million Scam in Collaboration with Indian Authorities

#Binance, the world’s largest cryptocurrency exchange, has announced that it has assisted Indian authorities in uncovering a scam via an online gaming app that defrauded users of over $47.6 million.

#Binance’s Financial Intelligence Unit provided critical support to India’s Financial Crimes Directorate (ED), enabling them to trace the funds stolen via the “Fiewin” app, which promoted alleged financial gains from mini-games, preventing users from withdrawing their funds, and transferring them across multiple cryptocurrency wallets.

The investigation began after receiving complaints from victims, and revealed that the project was linked to a complex cross-border criminal network.

With support from Binance, authorities were able to trace the movement of funds and uncover the criminal network.

The investigation resulted in the arrest of four individuals who were running the operation using encrypted messaging apps.

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