Lebanese lose $300 million during fake cryptocurrency speculation

The Lebanese newspaper, An-Nahar, reported that some cryptocurrency investors received a new blow today, as a result of a scam by the Binancesfund platform that resulted in investors losing millions of dollars.

In details, Binancesfund invests customers' money in cryptocurrencies and returns and distributes profits to them.

BuyBitcoinLeb founder Nader Dirani said in a statement to Al-Nahar newspaper, "Investing in this platform is the so-called ponzi scheme in economics, which is a promise of great profit that will be financed by the flow of capital until the speculative bubble bursts."

"People who invest in this type of platform are well aware of the high risks, yet they invest in them," he added.

He explained that "Binancesfund, which decided a few days ago to stop paying investors, has nothing to do with the internationally known Binance, and that the loss of Lebanese investors in it exceeded approximately $300 million."

He quoted people he knew as saying that they “lost large sums of money by investing in the platform,” noting that a final number could not be given regarding the amounts invested in Binancesfund.

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