According to a post on WeChat attributed to the Chinese Ministry of Industry and Information Technology, a counterfeit digital yuan app has been discovered. The fake app closely resembles the official version but has some noticeable differences. In addition to providing fake customer service, the counterfeit app can collect sensitive user information and direct users to “uncommon social tools” to facilitate the theft of their funds, as stated by the ministry.
The fake app, which claims to be a central bank digital currency app, uses a logo with a slightly different outline compared to the authentic app. Its user interface is also different but comparable. Furthermore, the fake app has a different name, version number, and MD5 message-digest identity.
The article does not provide any information regarding the individuals or groups responsible for the scam, nor does it mention any measures being taken to stop it. Cointelegraph was unable to locate the fake app in the Apple or Google app stores.
This is not the first time a fraudulent digital yuan app has been discovered. Similar scams were uncovered in 2021 and 2022. During the 2023 China (Beijing) Digital Finance Forum, former People’s Bank of China Governor Zhou Xiaochuan emphasized the need to pay close attention to this trend in the development of digital currency.
Despite China’s strict anti-crypto policy, the country has witnessed several high-profile crypto-related crimes. In December, rogue foreign exchange traders used cryptocurrencies to illegally export funds worth $2.2 billion from China, leading to their arrest. Chinese authorities claim that concerns about data theft and money laundering drive their campaign against crypto, while others argue that combating capital flight is their true motivation.
In 2023, the transaction volume of the digital yuan reached $250 billion. Later that year, a Chinese court seized a digital yuan wallet in a civil case related to an investment dispute.
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