“HFC Pak Trading App” has caused thousands of Pakistani online investors to suffer. The app that guaranteed to provide benefits to the investors turned out to be a huge scam.
The benefits of the application were proportionate to the rise or fall of Bitcoin. Users interested in the application were encouraged to download it, once downloaded they could use Binance or another digital money exchange and convert fiat money into cryptocurrency. This cryptocurrency would then be deposited into the HFC account of the investors. the simple procedure lured investors into falling the process. However, the online fraud caused on December 19 made investors lose more than Rs. 1 billion.
On the given day, there would be four 5-minute trading periods in which investors could bet on whether Bitcoin’s price would increase or reduce. The ones who invested started making a profit. Moreover, they were also encouraged to share the idea with their friends as they received an additional bonus for inviting people.
“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,” an investor later stated.
Further, those who put money into the project were also added to Telegram groups, a highly encrypted communications service.
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