Binance Assists Enforcement Directorate in Uncovering Fiewin Gaming Scam Involving $47.6 Million
Binance has taken significant strides in assisting the Enforcement Directorate (ED) with the crackdown on the Fiewin gaming scam. This scam has resulted in losses of $47.6 million (about Rs. 400 crore) in cryptocurrency from users. According to a recent statement, Binance played a key role in providing critical intelligence that helped expose the fraudulent operation.
The Fiewin Case Details
The ED flagged Fiewin as a potential fraud platform after identifying suspicious transactions. The investigation indicated that Fiewin deceived users through a façade of legitimate online gaming.
Binance's Critical Role
Binance asserted its commitment to combating financial crime by announcing that its Financial Intelligence Unit (FIU) facilitated the investigation by tracing funds to various cryptocurrency wallets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.