Binance News: Indian Crypto Scammers Arrested for $700k Fraud Involving Fake ZAIF Trading Platform

In a recent incident of cryptocurrency fraud, Indian law enforcement has arrested five individuals for duping a businessman out of $700,000 using a bogus trading app named ZAIF. Here’s a closer look at the details of the scam and its implications.

Crypto Scammers Arrested in India for $700k Fraud

Law enforcement in India has arrested five suspects who allegedly duped a businessman out of roughly $700,000 via a fake cryptocurrency trading platform. The accused ran a scam using a bogus trading app called ZAIF, promising massive returns of up to 200% on digital currency investments. It’s worth noting that ZAIF is the name of a legitimate Japanese cryptocurrency exchange, which suffered a $60 million hack in 2018. However, the platform used in this scam is likely unaffiliated and merely borrowed the name to appear credible. The five suspects, including one woman, were taken into custody following an investigation by the cybercrime wing of Odisha’s Crime Branch.

Pi Network News: Has Binance Officially Rejected Pi Coin Listing?

Reports suggest that Binance, one of the largest cryptocurrency exchanges, has rejected listing Pi Coin due to centralization issues and the lack of an open mainnet. However, an official statement from Binance is still missing, leaving the situation unclear. Pi Coin fans and investors have quickly reacted on social media, stating that the reports are false.