Indian authorities stopped the transfer of 77.6 BTC from WazirX to Binance

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It caught the attention of the crypto industry after Indian authorities recently froze 77.5 Bitcoins ($1,511,376 based on write price) sent to Binance by local crypto exchange WazirX. According to the country’s Enforcement Directorate, the move is part of an investigation into money laundering related to mobile gaming apps.

India’s Enforcement Directorate explained that the funds were blocked under the country’s PMLA (Prevention of Money Laundering). The agency serves as the government’s law enforcement and economic intelligence agency and is currently at the center of an investigation into a gaming app known as e-Nuggets.

what happened?

The agency announced that the coins were sent from the largest local currency WazirX and sent to Binance – the world’s largest crypto exchange by trade.

ED explained the decision by stating that Aamir Khan had launched a gaming app for mobile devices called e-Nuggets. The application was designed for fraudulent purposes, according to officials. That said, the app collects a lot of money from users who download it, and prevents everyone from withdrawing their money. It gives a good reason to do this to appease the users, while the app creators make money for themselves by cleaning the data from the app’s servers.

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Investigation so far has revealed that the accused used a fake account in the name of Seema Naskar using Wazir X exchange to transfer the stolen money overseas. The coins are then transferred to another account opened on Binance. After knowing this, the authorities decided to stop the money on Binance.

The ED has cracked down on several platforms to stop money laundering

Binance reportedly acquired WazirX in 2019, but CEO CZ recently announced that the deal was never completed. He emphasized that Binance never owned any shares of WazirX or Zanmai Labs, which operates the Indian exchange.

Earlier this month, the ED had frozen the assets of WazirX, citing that the amount frozen at the time was more than $8 million, but earlier this month, the bank accounts of WazirX had not been frozen.

In addition to the WazirX accounts, the ED has frozen both crypto and banking assets of Peter Thiel-backed cryptocurrency platform Vold. The total amount in the escrow accounts was nearly $46 million. The ADA even reportedly searched Coinswitch, a major crypto exchange, although its CEO later clarified that this had nothing to do with money laundering.

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