RS 1 Billion Bitcoin Scam in Pakistan (HFC)

Recently a bitcoin Copy trading company HFC had scammed Pakistani Investors through their App called HFC PAK Trading. They have scammed more than 1 Billion Rupees through betting on Bitcoin with short-term Copy trading.

The People behind this scam first approached more than 40,000 users to register their app. Betting users should first convert their real cash into Cryptocurrency through a digital money exchanger and deposit it into their application.

HFC Scam in Pakistan

The users should have deposited at least 30 Dollars to 50,000 dollars in the form of USDT. They have asked users to log on to the Application 4 time a day to bet on the price of Bitcoin.

HFC trading Pak scam

Scammers had created different Telegram groups where they started their Sessions. Team leaders and small teams led the groups.Users follow the given instructions from the group. The betting session was 5 min, and it continued for an hour long.

However, scammers gave them easy profit in advance to gain their trust. Users of this app were increasing day by day because of easy money. Many users refer their friends for referrals in less than two months. Users of this app reached 40,000.

HFC trading Pak scam

The Scammers targeted the students and middle-class people by showing them their videos’ fake organized parties and offices. On December 19, they played their game by betting users into loss, and the application and website got offline. They have already stopped the withdrawal of profit in-app before December 19.

The scammers got underground with hardly earned 1 billion PKR. Meanwhile, The Federal Investigation Authority (FIA) has registered a Case against the owner of the HFC Trading Pak, and further investigation is underway.

Head of FIA Sindh Cybercrime Wing, Imran Riaz, has insisted the victims come forward and share the details of this scam with the CCW team for investigation.

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