China Takes Down 1,418 Fake Websites in Major Blow to Stablecoin Scam Networks
China’s Cyberspace Administration said it has shut down 1,418 illegal and counterfeit websites and platforms this year, a jump of 1.7 times compared to last year.
Many of these sites posting fake investment offers and recharge deals to trick people into buying virtual goods and fake fuel cards. Others posed as well-known financial institutions such as China Merchants Securities and CITIC Bank, luring users to download fake trading apps or buy so-called stablecoins causing serious financial losses.