Two cryptocurrency traders arrested in Shangla
Two members of what they are calling the country’s biggest cryptocurrency firm have been arrested by the authorities in Khyber Pakhtunkhwa’s Shangla.
According to the security forces, they arrested two men for making and selling cryptocurrency. The mining firm, where the crypto-currency was made also traded Bitcoins and took commission.
As per details, the arrested members hail from Lahore and Okara, cities of Punjab.
The Shangla DPO told that the firm used to sell cryptocurrency through websites and was being controlled from Okara. They earn in dollars as well as take commission.
Disclosing more information, the DPO said that State Bank of Pakistan has already banned the purchase and trade of cryptocurrency. He said the firm had 65 servers and each server had 12 different channels. Talking about the electricity bill, the DPO said, the firm’s monthly bill was Rs 20,000.
Muhammad Rizwan, the FIA’s assistant director of cyber crime said that one of the two members had also been arrested in December 2018 with eight Bitcoin machines from Lahore.
He explained that the Bitcoins which were confiscated worth Rs 2 million and were means of money laundering. He was granted bail in February 2019.
It is pertinent to mention that the use and trade of cryptocurrency is banned and illegal in Pakistan.