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India Freezes Bitcoins in Binance

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06-10-2022

The Indian Enforcement Directorate (ED) has frozen over 77.6 bitcoins that were transfered from Wazirx to Binance. The freeze occurred when the Indian Authority is investigating money laundering into a mobile gaming application called E-nuggets.


The ED claims that the gaming app is designed to defraud the community. This is because the app collected a significant amount of money then blocked all withdrawals and deleted users’ profile information. Investigations have revealed that the illegally acquired money was transferred abroad through the Indian crypto exchange, Wazirx, and later used to purchase cryptocurrencies.


The assets were later transferred to another crypto exchange, Binance purchasing over 77.6 Bitcoins. The ED has a history of freezing bank assets of Wazirx having frozen over $8 million in August and several Wazirx bank accounts in September. In addition, ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel