Chinese media outlets are reporting a sharp rise in bogus crypto, blockchain and digital yuan-related schemes in the country, as bitcoin (BTC) prices rise and the rollout of the Chinese central bank digital currency (CBDC) approaches.
Per reports from JRJ and the National Business Daily, unsuspecting investors are laying down up to USD 60,000 at a time in fraudulent projects – only to discover that their money has been spirited away by con artists.
The media outlets say they have unearthed evidence that unscrupulous groups of individuals are targetting people all over the country with legitimate-looking offers that on closer examination are far too good to be true.
Cryptonews.com has also seen evidence of groups posing as crypto exchanges on the social media platforms Weibo and WeChat.
One example is the Blockchain Dragon Knight group (literal translation) which claims to provide professional crypto and fiat currency-related services, and claims investors stand to make gains of up to 600% on their initial stakes – an entirely bogus outfit, according to multiple Chinese outlets.