Zhang Xiaojin, the director of China’s Fourth Procuratorate of the Supreme People’s Procuratorate, reportedly cautioned against crypto investment scams for citizens and digital asset participants.
In a bid to tackle rising cybercrimes, China’s Supreme People’s Procuratorate (SPP) is targeting criminals using blockchain and metaverse projects for illegal activities. The SPP is alarmed by the increase in online fraud, cyber violence, and personal information infringement.
According to local media outlet Chinadaily, The SPP reported a significant rise in cybercrimes committed on blockchains and within the metaverse. Criminals increasingly use cryptocurrencies for money laundering, making it difficult to trace their illicit wealt
Ge Xiaoyan, deputy prosecutor-general of the SPP, reportedly stated that cybercrime-related telecom fraud charges have risen by 64 percent year-on-year. While blockchain-related crimes are rising, traditional crimes such as gambling, theft, pyramid schemes, and counterfeiting have also expanded into cyberspace.
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