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October 4, 2022
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Chinese media warn against scams impersonating, inter alia, under … Chinese yuan –

Chinese media reports of a sharp increase in cryptocurrency and digital yuan scams. The case is reported, among others, by JRJ and National Business Daily.

Chinese media about a new kind of scams

China and the world are waiting for the moment for the digital yuan, a digitized version of the Chinese currency, to appear on the market. This is to take place later this year.

The problem, however, is that numerous scammers take advantage of the moment of waiting. They are looking for naive investors whom they encourage to buy “digital yuan”. However, they actually rob them of their money.

One example is the Blockchain Dragon Knight group that claims to provide professional cryptocurrency and fiat currency services. Its creators claim that thanks to its services you can earn as much as 600 percent. in relation to the value of the capital invested.

Another example is Daxinggan. This project was written mainly in the context of a woman who was cheated on over $ 60,000. The scammers tricked her into downloading the app and transferring the said amount to buy what was referred to as a type of mutual fund. The Group uses USDT in its activities.

Other scammers reportedly claim to be affiliated with companies that work with “Funds” digital yuan. Apparently, using their services is associated with numerous benefits. However, faith in such projects almost always ends in the same way – a loss of savings.

Cryptocurrency bubble is increasing the scale of fraud

China’s anti-fraud service in Wuhan recently also admitted having received complaints from WeChat users complaining about a spate of fraud attempts. The scheme is also commonly known to Polish Telegram investors. Members of groups related to e.g. cryptocurrencies are contacted by people who offer various investment opportunities regarding “Digital currency”. These are attempts to extort money.

As recently reported, interest in BTC and major altcoins remains high in the Middle Kingdom, despite the cryptocurrency law that came into force in September 2017. It prohibits the conversion of digital currencies into yuan. However, Chinese investors are circumventing the regulations. Many Chinese use stablecoins like Tether to trade cryptocurrencies.

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