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Pakistan government contacts Binance over $100 million scam investigation

The Federal Investigation Agency (FIA) of Pakistan has sent an inquiry to Binance as part of a criminal investigation into a scam that allegedly used Binance wallets and integrated applications to defraud about $100 million from Pakistani users.  Head of FIA Cyber Crime Zone Sindh Imran Riaz tweeted a letter sent to Binance’s Cayman Islands office and Humza Khan, the general manager at Binance Pakistan, dated Jan. 6, 2022.  “As reported to this office by number of complainants, an online …

SEC charges operator of ICO and cloud crypto mining schemes

On December 2, the Securities and Exchange Commission announced charges against Ivars Auzins over a series of digital asset-related investment schemes that the SEC is calling fraudulent. The SEC highlighted a 2018 initial coin offering for a token called Denaro, for which Auzins’ allegedly gathered $11 million worth of investments before the project disappeared. Another scheme, Innovamine, allegedly promised investors the opportunity to mine crypto using cloud computing. Auzins was accused of collecting over $7 million for Innovamine before disappearing …