Bitcoin scam resulted in thousands of Pakistanis losing 1 billion rupees

Bitcoin scam resulted in thousands of Pakistanis losing 1 billion rupees

December 27, 2021 0

What happened:

Samaa reported on the 25th of December that an application by the name of HFC Pak Trade Application scammed nearly 40,000 Pakistanis. On the pretext of making easy profits by betting on the price of Bitcoin, the online mobile trading app stole one billion rupees from the Pakistanis. 

Details:

HFC Pak Trade Application converted the real money into cryptocurrency through a digital money changer and was deposited into the users’ accounts. At the same time, HFC Park Trade Application asked the users to log in to the app 4 times a day for 5-minute sessions to bet their money on the price of Bitcoin. The investments ranged from $30,000 to $50,000 and through this money, the app owners held parties for the app users and shared the videos on social media sites, attracting engagement. 

Also:

On the 19th of December, the HFC Park Trade Application crashed and has not recovered since. Subsequently, the FIA has filed a complaint against the app owners. On the other hand, crypto experts have claimed that the trading app contained more than a billion rupees. 

Rana Abdullah Hammad
Rana Abdullah Hammad
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