In a notice released today by WeChat’s Security Center, it was revealed that pyramid schemes and scam groups are being operated within group chats. These organizations used keywords such as unfreezing ethnic assets, national engineering projects, blockchain cryptocurrencies, and stablecoins to lure users into fraudulent activities. The messages allegedly promised large profits as rewards for participating in Internet activities such as recruiting, courses, and receiving daily checks. Fake networks typically encourage users to install fake applications and participate in brainwashing-type training. These strategies are based on psychological control and economic necessity.
Account suspension and group closure for plasma-related respondents
Tencent-owned WeChat has confirmed that it will impose progressive penalties. The move is a sign that WeChat is increasingly wary of fraudulent activity, especially scams based on crypto-related stories during times of market volatility.
This measure is in line with the current crackdown on virtual currencies and unregulated asset trading in China. After cryptocurrency trading was banned in 2021, governments became more lenient on the use of blockchain-based digital investments and schemes disguised as opportunities.
Scammers capitalize on crypto buzz in bear market
Market volatility has led to an increase in fraud related to cryptocurrencies. Bitcoin’s recent drop to $92,000 and hundreds of millions of liquidations are forcing traders to venture into high-risk zones and earn high profits. Scammers appear to be taking advantage of this confusion and selling stable profits based on buzzwords such as stablecoins and blockchain tokens. Despite facing a ban on cryptocurrencies, Chinese users remain the main target. By inserting cryptographic language into old fraud systems, fraud organizations have transformed their tactics to combine nationalism and enthusiasm for digital assets to exploit newcomers.
The warning issued by WeChat shows that scam techniques continue to change in line with cultural and market trends. The amount of fraud related to blockchain and stablecoins is increasing, highlighting the importance of caution, especially when it comes to high returns and group solicitation. Users should always be wary of untrustworthy apps, fake national projects, and untested schemes, and report suspicious activity using WeChat’s official security channels to reduce further fraud.
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