Encryption is still on the rise in China despite the crackdown, officials warn

Encryption is still on the rise in China despite the crackdown, officials warn

The prosecution said that all but one of the cases handled by the currency-related fraud offenses unit so far this year have been crypto-related in some way. He also provided details of a criminal case centered on an individual named Song, the operator of what appeared to be a thriving mid-sized cryptocurrency exchange.

Reports from Chinese provincial law enforcement agencies seem to show that crypto crime is as yet on the up notwithstanding a nationwide crackdown on crypto and mining claimed in September this year. As indicated by Xinmin, crime related to counterfeit currency is “significantly reduced” in Shanghai, as per authorities who talked at a public conference for the Songjiang Procuratorate. Nonetheless, the Public Prosecution office asserted that criminal cases wherein “perpetrators use virtual currency as a criminal tool” are on the ascent, including new kinds of extortion and “causing greater losses to citizens.”

The authority went on, “the exchange” claimed it was giving customers the opportunity to buy bitcoin (BTC), ethereum (ETH) and alternative digital currencies — but the exchange was just a front for an elaborate scam that saw Song accumulating more than $103,000 worth of “unlawful profits.” The authority explained that all the “transactions” that took place on the platform were fabricated and fraudulent. Song and five others were charged with fraud, convicted and imprisoned for up to 10 years.

Another “similar” case, which saw fraudsters collect more than 156,000 US dollars from victims who believed they were making investments in cryptocurrency.

Despite the crackdown that Chinese authorities hoped would push cryptocurrency to the fringes of society, the media has continued to report cases of crypto-related fraud episodes since September. While this may be part of an effort to shine a light on cryptocurrencies in an apparent negative light (something Beijing has been keen to do since it first drafted its own digital yuan plans), it also indicates that the taste for cryptocurrency is still on. Alive and well in the world. Middle Kingdom.

Many crypto experts in East Asia said Cryptonews.com On condition of anonymity, bitcoin and altcoin traders in China are still using stablecoins pegged to the US dollar, offshore exchanges and OTC brokers to conduct transactions – after local banks were frozen.

Other parts of the country continue to wage war on cryptocurrencies. The China Agricultural Development BankThe regional headquarters of Jinggangshan, Jiangxi Province, launched a “cryptocurrency awareness” campaign – with slogans such as: “Stay away from virtual currency, protect the safety of your money.”

These logos flash on LED display units in bank branches.

The bank has also set up a cryptocurrency “consultation” helpdesk – which appears to be another source of anti-crypto messages. According to JX News, the bank will also seek to warn customers and city residents about the dangers of crypto via WeChat and social media channels. in another place, CITIC Bank of China China’s seventh-largest lender also warned of the risks of crypto-related investments. According to media outlet 66WZ, the bank has included the risks of investing in fake projects linked to “virtual currency and blockchain technology” in its list of nine scams to stay away from.

Away from mainland China, cryptocurrency fraud appears to be on the rise in other parts of Asia. In Taiwan, CNews reports (via Yahoo) that a woman of “about 50 years old” was lured into doing what she believed to be a crypto investment by an individual posing as a former classmate.

It also appears that the scammer carried out a similar scam with a woman in her twenties, convincing women to buy cryptocurrency and invest their money in what they thought was a crypto exchange or broker on top of the board – before running away with their tokens.

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