Chinese Prosecutors Promise Increased Punishment for Blockchain and Metaverse Crimes
Criminals engaging in illicit operations through the use of blockchain technology and metaverse projects will face increased repercussions, China’s highest prosecutor said today.
In a press conference hosted by the China’s Supreme People’s Procuratorate on February 23, spokesperson Li Xuehui highlighted a surge in cybercrime occurring within blockchains and the metaverse.
Li noted that crypto money laundering has rapidly evolved into a mainstream conduit for illicit wealth and criminal activities.
“In the next step, the procuratorial organs will conscientiously implement the requirements of the 20th National Congress of the Communist Party of China, plan and promote the Internet legal work of procuratorial organs from a higher starting point, and provide strong judicial guarantee for promoting the formation of a good Internet ecology,” Li said in the press conference.
Zhang Xiaojin, the Director of the Fourth Procuratorate of the Supreme People’s Procuratorate, warned the public about the prevalence of “high yield, low risk” investment scams within China’s local crypto economy. The Chinese prosecutor urged individuals to stay vigilant and adapt to evolving criminal strategies, citing the example of pig butchering as one of the most prominent scams.
The practice of pig butchering involves establishing a connection with a victim, persuading them to invest in a deceptive digital asset project or exchange, and subsequently vanishing with their invested capital. U.S. authorities successfully seized over $9 million in Tether’s USDT stablecoin last year in connection with a pig butchering scam.
Last year, Chinese authorities prosecuted over 42,000 individuals implicated in electronic fraud and crypto scams.
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