China Expects Mega-Scale Digital Yuan Scam – Warns Citizens to be Cautious

Cryptocurrency News

China hasn’t done away with hatching schemes and plans for promoting its CBDC. But the Government is concerned these days about growing fears of scammers whose ultimate target is Digital Yuan. Police has been directed to disseminate warnings across the country about possible CBDC scam of sophisticated nature.

Cybercrime Wing of the local police force working in the Province of Shandong, China, has warned about a possible scam.

It has been warned by Cybercrime Wing that scammers are trying to commit sophisticated nature crypto scam. It has been told that the target of the scammers is Chinese digital Yuan (i.e. CBDC – a central bank operated digital currency). Police department has informed that according to their knowledge the scammers have crafted a plan which they called “Central Bank’s International Wallet”.

As per the plan, the scammers wish to lure Chinese investor into their trap by purporting that the wallet is authentic.

It has been noted by local police in China that the scammers plan is very much active. Furthermore, there are at least 500 plus people who have already joined the platform. However, the Chinese Government has warned its citizens to beware of this bogus platform. But those who have already joined the platform, it seems that the news couldn’t reach to them.

The scammers have been seen heavily advertising their bogus wallet. They have been found offering new sign ups access to a secret fund which, according to scammers, is worth about US$186 Million.

For the readers’ sake, it is informed that Weifang Police has relied upon a report published by a local news outlet called Sina. The scammers plan was busted and reported by Sina a few days ago. Sina also informed at the relevant time that scammers have been offering exorbitant profits to the new members. Sina revealed that people have been offered to earn US$ 24,800 in a short period of time.

Yet in reality the so called “fund” is neither active nor has been sent live. It has been committed by scammers to customers that the fund will be sent live in the month of March this year. However, the situation is glaringly dangerous, as the scammers have already acquired five hundred clients. Furthermore, the data of these 500 customers is also available with the scammers which can be misused and abused. The data includes names, address, mobile phone, email addresses, bank account, credit and debit card details.

It was noted further that scammers are propagating that funds will be used to promote digital Yuan at national and international levels. In addition, 2% bonus on investment has also been promised by scammers to clients.

As an immediate measure, Chinese Central Bank has started public awareness campaign throughout the country. But still to date there hasn’t been any incident of scam reported either before local police or before Cybercrime authorities.

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