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

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
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