This is how the Lebanese lost their money in a “digital...


Ali Awad –

Because the misfortunes of the population in Lebanon do not come individually, in the past hours, publications appeared on social media announcing the loss of people millions of dollars they invested in the “Binances Fund” website.

In the face of imaginary profits that tempt investors, some rushed behind a site called “Binancesfund.com”, believing that their money would be magically multiplied, so they exchanged their “cash” dollars into the currency of “USDT” (USDT). They created digital wallets (each currency equals one dollar), and they created electronic wallets on the site and chose projects to invest in. In the beginning, the projects were already returning to them what the site promised them, and the investor was able to transfer the money he earned inside the site, to a digital wallet outside it. Things looked perfect, and one of them “turned” $300 into $10,000 in weeks.

How was the money stolen?
The news spread among some Lebanese, and they rushed to transfer their money to the site. Some of them put a small part of his savings, and some of them sold his car and other property or borrowed money in the hope of collecting it double. But, suddenly, everything stopped. No one can transfer what was earned inside the site to outside it; The site announced that it is carrying out a maintenance process that will take from 24 to 48 hours. Everyone waited for those hours as if it were an eternity, until it ended in tragedy.
When investors asked the company via the Telegram account what happened, they did not receive a response. Al-Akhbar tried to contact the account as well, to no avail, before it was deleted. As for the website’s “WhatsApp” account, it was transferred from the “Business” account, that is, that of a company, to a regular account, not from a respondent.
The company presents itself as an expert in the field of cryptocurrency trading, knowing that it has absolutely nothing to do with the “Binance” platform, where cryptocurrencies are traded legally and truly. According to the site, there are several plans that the investor can choose between, and the benefits range from 0.5 percent per day to 6.2 percent per day, depending on the amount invested. Note that the site allows the user who brings new customers to it to get 15 percent of the benefits, that is, it is a public “ponzi” (a form of pyramid fraud).

Joe, a former investor in the site, told Al-Akhbar that he was aware that the company was running the Ponzi operation, but he got out of it with financial profits before everything stopped. Hadi, who put down $3,500 about 12 days ago, confirms that he was certain that it was also a “Ponzi” operation, but he did not expect the matter to end so quickly.
It is not possible to actually determine the amount of evaporated. The loss could be $200,000 and it could be $300 million as said on social media. However, the total amount can be estimated if the “investors” come forward to report what happened with them to the Cybercrime Combating Office.

The Binances Fund and its sisters
On the front of the Binances Fund’s website, the company says it is registered in Singapore and has a legitimate “Unique Entity Number” (EUN): (201705188N). Searching on an official website of the government in Singapore, it turns out that the number belongs to the company (CRYPTOCURRENCY FINANCIAL SERVICES PTE. LTD). In the company’s account on “Telegram”, many people ask the account supervisor about their lost money! While there is a pinned message from the admin saying, “All websites that ask you to transfer money in order to trade, and use our company name are fraudulent. We do not share such a thing, and we have nothing to do with them. Please stop asking us, and submit your reports to the Anti-Cybercrime Bureau. Unfortunately, every website we shut down disappears and is created with a new name.”
In a scam-detector search, binancesfund.com was referred to as a fraudulent site, with a score of 0.9 out of 100. It was established on the seventh of last April, and it is not recommended to deal with it. A search for the site’s domain name shows that it is for sale, and that the company has changed the site’s IP address three times since it was created!
In addition, Scam Detector lists the website (bitplam.com), which presents itself as a specialist in trading, and offers from 4 to 5 percent guaranteed profits on the value of investments, as a fraud site. While information indicates that some Lebanese have already invested their money in this platform, in an attempt to make up for what they lost!

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Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]