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Zhang Xiaojin, the director of the Fourth Procuratorate of the SPP, issued a caution to citizens and participants in the digital asset realm regarding investment scams within the local crypto economy. In response to the surge in online fraud, cyber violence, and personal information infringement, China’s highest prosecutorial authority, the Supreme People’s Procuratorate (SPP), is actively targeting criminals utilizing blockchain and metaverse projects for illicit activities.

 

 

 

The SPP has expressed deep concern over the escalating instances of cybercrimes committed within blockchains and the metaverse, where criminals increasingly employ cryptocurrencies for money laundering, creating challenges in tracking their illicit gains. Ge Xiaoyan, the deputy prosecutor-general of the SPP, revealed a substantial 64% year-on-year increase in telecom fraud charges associated with cybercrimes. While blockchain-related offenses are on the rise, traditional crimes like gambling, theft, pyramid schemes, and counterfeiting have also expanded into the cyber realm.

 

 

 

Xiaoyan emphasized a nearly 23% increase in charges related to internet theft and a striking 86% surge in charges linked to online counterfeiting and the sale of substandard goods. Procuratorates have filed charges against 280,000 individuals in cybercrime cases between January and November, marking a significant 36% year-on-year rise, accounting for 19% of all criminal offenses, according to Xiaoyan’s report. The director of the Fourth Procuratorate, Zhang Xiaojin, echoed these concerns and specifically warned against investment scams within the local crypto economy.

 

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