China Intensifies Crackdown on Blockchain and Metaverse Misuse Amid Rising Cybercrime

China Intensifies Crackdown on Blockchain and Metaverse Misuse Amid Rising Cybercrime



The Supreme People's Procuratorate of China has declared its intent to intensify efforts against individuals exploiting blockchain and metaverse technologies for illegal purposes. During a press conference on February 23, spokesperson Li Xuehui highlighted a surge in blockchain and metaverse-related cybercrimes, pointing out that cryptocurrency laundering has emerged as a prominent method for transferring illegal funds. Zhang Xiaojin, who leads the Fourth Procuratorate, warned of deceptive "low risk, high return" investment schemes that have infiltrated the local cryptocurrency market, advising the public and digital asset stakeholders to stay vigilant against evolving fraudulent tactics, including the "pig butchering" scam. This scam involves gaining the trust of a victim to invest in a fraudulent digital asset project, only for the


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#China, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Cybercrime, #News, #Regulations

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