HFC Biggest Scam looted almost $100 million of Pakistanis and ran away.
Its mobile application is shut down and the website is no longer responding and google messages appear as a website not found when you type its URL hfcpak.com.
HFC was a betting application a subsidiary company for Binance. When you transfer your funds from Binance into HFC application then you may participate in the gambling for cryptocurrency offered by the said application.
The experts or the moderators of this application were running telegram and WhatsApp groups when they used to send signals for the cryptocurrency rise and fall.
If you bet on a rise in cryptocurrency price and it rises in reality then you get 5% of your investment as profit into your account.
You could also withdraw your money into your bank account.
On December 18. 2021, the team HFC announced that if any investors doubled the investment then he/she will be given a certain percentage as a gift. many people would have jumped into this opportunity and put more investment into hfc and later on after one day the mobile application and the website of the company shut down its operation by leaving the investors in a fix.
The investors have lost almost $100 Million in HFC Biggest Scam and now the same case is happening with htfox mobile application.
How to Avoid Online Fraud/Scam
Such online applications are not registered with SECP and are not authorized to attract the funds from the investors but people to make more profit from their investment run after such scammers and lose their principal amount.
Online Trading applications and websites have no physical office and if the application or website is shut down then the investors have no way to go and recover their money.
Such scammers like hfc and ftfox choose a country like Pakistan where people have less financial literacy and then fall into their trap.
People must be aware of such mobile online trading apps and websites where they are offered handsome profit rates against their investment.
SECP also warns the general public off and on about such scammers.