The Lebanese newspaper, Annahar, 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 then distributes profits to them.

BuyBitcoinLeb founder Nader Dirani said, "People who invest in this type of platform know very well the high risks, yet they invest in them."

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.