Beijing, Monday, March 4, 2024 – Chinese authorities are intensifying their efforts to combat a surge in cybercrimes facilitated by blockchain technology and metaverse projects, according to the Supreme People’s Procuratorate (SPP), the country’s highest prosecutorial body. 1
The Supreme People’s Procuratorate (SPP) reported a significant rise in cybercrimes committed using these emerging technologies.
Deputy Prosecutor-General Ge Xiaoyan disclosed a 64% year-on-year increase in telecom fraud charges related to cybercrime.
Charges for internet theft surged by nearly 23%, while those linked to online counterfeiting and sales of inferior goods skyrocketed by almost 86%.
These statistics, spanning January to November 2023, highlight the growing problem. Procuratorates pressed charges against roughly 280,000 individuals in cybercrime cases, accounting for a staggering 19% of all criminal charges filed during that period.
“We are witnessing a concerning rise in cybercrime facilitated by blockchain and metaverse platforms,” said Zhang Xiaojin, director of the SPP’s Fourth Procuratorate. He warned citizens about investment scams within the local cryptocurrency market, emphasizing the need for increased vigilance.
Analysts say that China’s actions could have broader implications for the global regulation of blockchain and metaverse technologies. As these technologies continue to develop, other countries may look to China’s approach as a potential model or cautionary tale.
- Metaverse Crime: https://www.msn.com/en-us/money/other/china-intensifies-crackdown-on-cybercrimes-involving-blockchain-and-metaverse/ar-BB1iSGRQ[↩]
