Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Chinese authorities to intensify enforcement against cryptocurrency and deepfake AI technologies.
Following a rise in personal identity theft and digital financial crimes, Chinese law enforcement is intensifying its examination of the Web3 industry.
At a press briefing conducted by China’s Ministry of Public Security on August 10, Jinfeng Sun, political commissar of the Network Security Bureau, reported a series of incidents involving Trojan viruses, phishing websites, infiltration tools, and cyberstalking related to fraud and data theft. Specifically, Sun stated:
Related Posts
“[We have been] monitoring [the use of] Chat GPT, cloud computing, blockchain, deepfake AI and other new emerging technologies, new applications, new organizations [in these incidents]. We [the Ministry] will take strong action against such methods as we investigate their application.
Sun revealed that there have been 79 fraud cases involving deepfake AI, including impersonation through digital face-swapping, resulting in the apprehension of 515 individuals. On July 18, Shanxi Police detained 21 individuals allegedly connected to a money laundering operation involving 54.8 million USDT (USDT). The suspects reportedly purchased USDT from Chinese citizens at below-market rates to sell for fiat on overseas exchanges, profiting from the difference while transferring their clients’ funds abroad. China enforces stringent capital exit controls, with Chinese nationals restricted from acquiring more than $50,000 worth of foreign currency annually.
Nevertheless, some have accused the Chinese police of misappropriating funds from cryptocurrency projects through enforcement actions. Last month, the cross-chain protocol Multichain ceased operations after its CEO, Zhaojun He, was arrested by authorities. No details have been disclosed regarding his detention, while assets belonging to both Multichain developers and users have been converted to stablecoins and privacy coins and moved out of the exchange.
Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules
