- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
- Home
- Blockchain
- Binance Collaborates with India Authority, Brings Down Massive Scam
Fact-checked by Velimir Velichkov
Binance Collaborates with India Authority, Brings Down Massive Scam
The effective collaboration between Binance and India's Enforcement Directorate brought down a large-scale fraud conducted through an application called Fiewin
The largest cryptocurrency exchange, Binance, recently helped law enforcement in India to bring down a large-scale scam valued at nearly $50 million.
Pig-Butchering Scheme Dismantled
The fraudulent action involved an app called Fiewin that lured users into an infamous “pig butchering” scheme by offering easy earnings and low risk. The scammers used a range of methods to hook up new customers, from promises about investments to different games that even paid out small winnings.
To lure new victims into the scheme, Fiewin promoted its platform via advertisements that appeared on Facebook, YouTube and other social media platforms. However, the scheme culminated with the “pig-butchering” part of the plan, when the funds of the so-called investors disappeared.
The scheme captured the attention of India’s Enforcement Directorate (ED). The body focused on bringing down the fraudulent scheme and tracking the stolen money. In this process, Binance played a key role, the famous crypto exchange announced earlier this week.
According to Binance, its Financial Intelligence Unit (FIU), provided vital data to the ED that ultimately helped bring down the massive gaming scam. The actions of the fraudulent app resulted in $47.5 million in losses. However, through data provided by Binance, ED tracked the money and brought down the massive fraud network. The swift actions resulted in the arrest of four people suspected of being involved in the scam.
“Binance, the world’s largest cryptocurrency exchange by trading volumes, has assisted India’s Enforcement Directorate (ED) in taking down a massive gaming scam worth $47.6 million,“
reads a statement released by Binance
The Cryptocurrency Exchange Will Help Combat More Financial Crimes in India
According to the ED, Binance’s involvement, especially the FIU data, played a key role for the downfall of the fraudulent scheme.
The collaboration between Binance and ED marked a milestone achievement for the cryptocurrency exchange. This is because the platform’s technological capabilities, and its entry into the market in India as a licensed entity, will help combat future fraudulent attempts, money laundering and financial crimes.
Binance investigation specialist Ferdinando D., who played a key role in the case and collaboration with ED, explained: “This 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.”
What’s known about the culprits is that after withdrawing the victims’ funds, they converted them into crypto assets. Then they used Binance to send those assets to Chinese nationals. Besides residents of China, who were recipients of the stolen funds, the investigation uncovered that Indian nationals also engaged in the unlawful activity.
Jerome brings a wealth of journalistic experience within the iGaming sector. His interest in the industry began after graduating from college, where he regularly participated in local poker tournaments. This exposure led him to the growing popularity of online poker and casino rooms. Jerome now channels all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
Previous Article
Blockchain
September 27, 2024
WPT Taps Into Sweepstakes World with New ClubWPT Gold
Next Article
Blockchain
September 27, 2024
Bahawalpur Police Arrest 13,000 Offenders, Including 312 Gamblers
Must Read
Blockchain
January 30, 2025
BKEX Staff Sentenced over Illegal Crypto Contracts Gambling
Blockchain
January 8, 2025
Crypto.com Launches More NFL Prediction Markets
More Articles
Sports
February 19, 2025
Israeli Soccer League Hit by Big Match-Fixing Scandal
Industry
February 18, 2025
VGW Raises Minimum Player Age to 21 amid Rising Scrutiny
Business
February 18, 2025
Gentoo Media Publishes Strong Q4 as Business Keeps Momentum
Industry
February 17, 2025
Las Vegas Drunk Driver Sentenced After Deadly Car Accident
Industry
February 17, 2025
Nostalgia Attracts Players, Top Mechanics Keep Them Hooked
Sports
February 17, 2025
Digital Betting Is Fueling a Global Public Health Crisis
Industry
February 14, 2025
H Casino in Minsk Laundered Millions from Illegal Bets, Report
Casino
February 14, 2025
Pro Gambler “Lord Lester” Jailed for a Cruise Company Scam
Casino
February 14, 2025
Aristocrat Rethinks Its Approach to Social Gaming
Business
February 13, 2025
MGM Resorts Posts Strong 2024 Report Despite Mixed Q4
Industry
February 13, 2025
Illegal Horse Race Betting in the UK Skyrockets 522%
Business
February 12, 2025
Light & Wonder Promotes from Within, Names Nathan Drane CPO