The name of this app which was a scam is “HFC Pak Trading App.” Those people who were interested in investing were asked to download the app. Later on, it was said that by using finance or other digital money exchange, investors would be able to convert their currency into cryptocurrency. This cryptocurrency would be deposited into the HFC account of the investors. NO doubt the functionality looks quite real and like other digital financial platforms that are currently operational in Pakistan.
Pakistani Investors Lose 1 billion in Bitcoin scandal
Due to its simplicity, many people believe it and also passed it on to their friends and it became famous in just a couple of days. Some of the people who invested at the start made huge profits due to which they were further encouraged to pass on this opportunity. More people started investing and they only became a victim of online fraud on December 19 due to which they lost around Rs. 1 billion of their savings. A victim of the scam also revealed that they were using Telegram as the source of communication. While telling about this whole story, a victim revealed: “An analyst established a Telegram group with approximately 40000 members. These individuals made investments ranging from $30 to $50,000. The analyst also gave them advice,” It means all those people who were adding their money to the app were added to the Telegram group by scammers in order to show that this whole thing is real when it is not. Source: Startup Pakistan Also Read: Bitcoin to use Electricity as much as Entire Pakistan for Crypto Mining in 2021
