tldr; Pakistani authorities have dismantled a $60 million international crypto fraud network, arresting over 34 suspects involved in unregulated trading schemes. The network targeted victims locally and internationally, using social media to lure them with promises of high returns. Funds were routed through bank accounts into digital assets and moved across borders. This crackdown aligns with Pakistan’s efforts to regulate its crypto industry, including the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee licensing, AML controls, and consumer protection.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
1 Comment
tldr; Pakistani authorities have dismantled a $60 million international crypto fraud network, arresting over 34 suspects involved in unregulated trading schemes. The network targeted victims locally and internationally, using social media to lure them with promises of high returns. Funds were routed through bank accounts into digital assets and moved across borders. This crackdown aligns with Pakistan’s efforts to regulate its crypto industry, including the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee licensing, AML controls, and consumer protection.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.