🚨Amir Khan’s ₹70 Crore Scam 🚨

Vanakam, Vandnam, and Namaskar,

Welcome to Switch Daily. 👋

The past few days, the market has been acting like kids choosing between candies. Like — I want red, but then I also want green, oh no now I want red. Oh come on, just make up your mind already!

Here’s what we’ve got for you:

• Market pulse

• Gaming app fraud

• Top news

• Meme of the day

Market pulse 📈

The market is playing see-saw 😏

It was a mixed session for the crypto market yesterday, as it tried to recover from the day’s low. The strength in Nasdaq 100 was not reflected in yesterday’s session, which ended the day with 2.05% gains. Gains in the top 10 cryptos held the market steady, with BTC and ETH gaining close to 5% in the last 24 hours.

Total cryptocurrency market cap went up from day’s low of $907 billion to $940 billion, with the top ten cryptos leading the gains. The support to the market came from the Bank of England’s announcement to start an unlimited bond purchase exercise to stabilize the market.

🥶ED freezes ₹12.5 Cr worth of Bitcoin🪙

Another day, another scam! 🙄

This time, it’s not a fake crypto fraud or a social media scam, but an E-gaming scam that looted over ₹60-₹70 crores from its victims. That’s MAD MONEY, Bhai! 💰

Here’s how it went down:

Our main character, Amir Khan — not our beloved ‘Laal Singh Chadda’ Aamir Khan, a different 25- year old Amir Khan from Kolkata had launched a gaming platform called E-nuggets.

So, every time you downloaded the app, you would be asked to deposit some money in the app’s wallet to play the game. In return, the app would pay lucrative commissions. Initially, these commissions soared up to 3000% - 4000% a day. What? Get out! 😯 The users were even allowed to withdraw and transfer the amount to their bank accounts.

Until one fine day, Amir Khan began restricting withdrawals citing technical issues, eventually stopping it. He even deleted the admin and the withdrawal applications. Federal Bank officials (prolly where Amir was banking) found something 🐟 about this whole situation and raised an FIR with the Kolkata police.

This matter quickly escalated to the Enforcement Directorate 👮. After raiding Kolkata six times, the ED recovered ₹17.32 crore in cash from Amir’s father, Naser’s house.

Not just that, yesterday, the ED seized ₹12.5 Crore worth of Bitcoins from Amir’s cryptocurrency wallet held in a foreign crypto exchange. They froze the crypto assets under the Prevention of Money Laundering Act (PMLA). Turns out Amir Khan was converting all the defrauded money into cryptocurrency gradually.

The takeaway?

Well, if anything's too good to be true in the world of money, it's either a scam or a rug-pull. DYOR and stay away from super shiny stuff. ✌️

Top stories of the day 💥

🇯🇵Japan expands crypto regulations

Japan is set to introduce new rules on money transfers to prevent the use of crypto for money laundering. Pro-crypto countries, including the US, Germany, and Singapore, have already implemented the rule. Read more. 

💡Argentine athlete has a unique way to beat inflation

Argentine martial arts athlete Guido Cannetti, an Ultimate Fighting Championship (UFC) fighter, is the first sportsperson in the country to receive 100% of his salary in stable coins. The news is significant as the Latin American country reels under soaring inflation and economic downturn. Read more. 

🆕Christie’s launches NFT sales platform on Ethereum

Popular NFT auction house Christie’s has launched its dedicated NFT on-chain auction platform on the Ethereum network. The new digitalized auction platform is called Christie’s 3.0. Read more.

🏦CBDC pilot involving China, UAE a success; $22M transacted

A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot has been declared "successful" by the Bank for International Settlements (BIS), a consortium of central banks. Read more.

Thursday Thunder Meme

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