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**Binance Aids Indian ED in Busting $47.6 Million Fiewin Scam**

Binance and India’s Enforcement Directorate (ED) have uncovered a $47.6 million fraud linked to Fiewin, an online gaming platform. Fiewin was promoted as a way to earn money, but it scammed players out of nearly $47.6 million. Four people have been arrested.

The scam involved using digital wallets linked to crypto exchanges to launder money. Binance played a key role in the investigation, with its Financial Intelligence Unit (FIU) providing crucial information to track the stolen funds and reveal the fraud network.

Binance’s team helped trace the laundered money through crypto wallets, assisting the ED in exposing the network behind the scam. An ED spokesperson highlighted how partnerships between public and private sectors are vital for tackling complex financial crimes. Binance’s investigation team worked closely with law enforcement to analyze and support the investigation.

Fiewin’s platform allowed users to make quick money through mini-games, and they could easily “top up” their in-app balance using various payment methods. However, the app reportedly stopped letting users withdraw funds if their balance got too large.

The joint investigation led to the arrest of fraudsters connected to the Fiewin game managers, who were using privacy-focused communication tools. Both Binance and the ED are continuing their efforts to identify everyone involved in the scam.

Ferdinando D., a Binance Investigation Specialist, emphasized that this case shows the importance of collaboration between public institutions like the ED and private companies like Binance to combat new digital threats.#Write2Earn! #BinanceSquareFamily #writetowin