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Binance Aids Indian Authorities in Busting $47.6M Gaming Scam

Crypto exchange Binance has collaborated with India's Enforcement Directorate (ED) to bust a gaming app scam that defrauded users of over $47.6 million. The Binance Financial Intelligence Unit (FIU) assisted the ED in tracing the funds siphoned by the operators of the app called Fiewin. The app lured users with the promise of earning money through mini-games but prevented them from withdrawing their funds once their accounts accumulated substantial amounts. The money was redirected to multiple crypto wallets through a back door. The ED investigation uncovered a cross-border criminal network and resulted in the arrest of four individuals involved in the scam. The case is still ongoing, with the aim of exposing the full extent of Fiewin's activities.

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