Skip to main content

Chinese Authorities Warn About ‘Sophisticated’ Digital Yuan Scam- Promotes Access to a ‘$186M Secret’ Government Fund

Chinese Authorities Warn on 'Sophisticated' Digital Yuan-Themed Scam — Promotes Access to a '$186M Secret' Government Fund

As China keeps paving the way to adopt its central bank digital currency (CBDC), scammers are also actively emerging on the scene. The police in a Chinese province are now warning about a “sophisticated” CBDC-themed scam.

Bogus Platform Is Set to Be Launched in March, Say Scammers

According to a post from the cybercrime unit of the Weifang police force in Shandong Province, a scam named “Central Bank’s International Wallet” is claiming to be a digital yuan wallet platform. The bogus platform seems to have caught almost 500 users as of press time.

The scam operators are advertising that the platform will give members the possibility to access a “secret CBDC promotion fund” worth $186 million.

It should be noted that the Weifang police is quoting a previous report first published by local media outlet Sina on the matter. Scammers claim that the platform’s users could get profits of around $24,800.

Although the wallet is not “live,” scam operators say the platform will be launched in March. However, Weifang police’s cybercrime unit raised concerns because scammers already gathered personal details from the users, such as bank details and real names, through a smartphone app.

The scammers further claim that the collected funds are going to promote the digital yuan usage globally and nationwide. Moreover, scam operators also promised users that they will get 2% of bonuses per deposit.

Chinese Central Bank Keeps Warning on Fake Digital Yuan Investment Opportunities

The People’s Bank of China has been actively warning people of the surge of bogus organizations that claim to be digital yuan promoters. However, the central bank says such schemes turn out to be just Ponzi schemes hidden behind “multi-level marketing strategies.”

Recently, the Beijing municipal government handed out a total of 10 million yuan ($1.55 million) worth of digital yuan to 50,000 people in the city who registered for the lottery giveaway using mobile phone apps. Users were able to spend the CBDC during the Chinese New Year celebrations.

What do you think about the warning issued by the Chinese authorities? Let us know in the comments section below.



from Bitcoin News https://ift.tt/308oQDz
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more