China’s National Prosecutor Takes Action Against Blockchain Cybercrimes
China’s highest prosecutorial authority is stepping up efforts to combat the growing wave of cybercrimes by targeting criminals who exploit blockchain and metaverse projects for illegal activities.
In a recent press release , the Supreme People’s Procuratorate (SPP) expressed concern over the surge in online fraud, cyber violence, and personal information infringement.
According to the SPP, there has been a significant increase in cybercrimes committed on blockchains and within the metaverse. Criminals are increasingly using cryptocurrencies for money laundering, making it challenging to trace their illicit wealth.
Ge Xiaoyan, deputy prosecutor-general of the SPP, revealed that charges related to cybercrime and telecom fraud have risen by 64% year-on-year.
Alongside the rise in blockchain-related crimes, traditional crimes such as gambling, theft, pyramid schemes, and counterfeiting have also expanded into cyberspace.
Xiaoyan emphasized that charges related to internet theft have increased by nearly 23%, while charges related to online counterfeiting and the sale of inferior goods have surged by almost 86%.
Between January and November, the procuratorates filed charges against 280,000 individuals in cybercrime cases, reflecting a 36% year-on-year increase. These cases constituted 19% of all criminal offenses, highlighting the growing severity of the issue.
Zhang Xiaojin, director of the Fourth Procuratorate of the SPP, issued a warning to citizens and participants in the digital asset space regarding investment scams in the local crypto economy.
Xiaojin specifically pointed out the rise of new cybercrimes utilizing the metaverse, blockchain, and binary options platforms.
He emphasized that digital currencies
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