Thousands of Pakistani cryptocurrency investors have lost over Rs. 1 billion as a result of an online trading smartphone application that claimed to make quick money by just betting on the price of Bitcoin.
The “HFC Pak Trading App” is the name of the app in question. Over 40,000 people were solicited by the crooks behind the software in order to get them to download it.
Users had to convert real money into bitcoin using a digital money changer and put it into their accounts within the app in order to gamble.
They were then instructed to connect on to the programme four times a day for five-minute sessions in order to wager on the price of Bitcoin using the cryptocurrency in their accounts.
The amount of money invested by cryptocurrency enthusiasts ranged from $30 to $50,000. To gain the users’ trust, the scammers originally handed them some money.
Motivated by the quick profit, consumers not only increased their investment but also referred their friends to the trading site, for which they received bonuses.
Furthermore, the scammers used to throw parties for HFC Pak Trading App customers at posh hotels. The footage from the parties were posted on various social media platforms, bringing additional individuals to the platform.
The application, however, collapsed earlier this month on December 19 and has been unavailable since. The crooks have gone underground with the investors’ hard-earned Rs. 1 billion.
Meanwhile, the Federal Investigation Agency (FIA) has opened an investigation into the owners of the HFC Pak Trading App.
Imran Riaz, the head of the FIA Sindh’s Cyber Crime Wing (CCW), has invited the victims to come forward and share their investment details with the CCW team probing the case.
In this regard, a cryptocurrency specialist stated that he inspected the accounts of users of the HFC Pak Trading App and discovered that they included more over Rs. 1 billion. The proprietors of the applications, on the other hand, have removed the funds, which can only be traced by authorities.
To read our blog on over the last ten years, $12.1 billion in cryptocurrency assets have been stolen, click here.
