A counterfeit digital yuan application has been discovered, as indicated in a WeChat post attributed to the Chinese Ministry of Industry and Information Technology. The fraudulent app closely resembles the official version but has minor discrepancies that can be identified.
In addition to deceiving users into downloading the app, the fake version is equipped to collect sensitive user information and provides counterfeit customer service that directs users to “uncommon social tools” to facilitate the theft of their funds, according to the ministry.
The counterfeit central bank digital currency app utilizes a logo with a distinct outline compared to the genuine app and has a different user interface, although it is comparable. The fake app also has a different name, version number, and MD5 message-digest identity.
No information has been provided regarding the individuals or entities behind the scam or the measures being taken to put an end to it. Cointelegraph was unable to locate the fake app on the Apple or Google app stores.
This is not the first instance of an alleged fraudulent digital yuan app. Similar scams were uncovered in 2021 and 2022. Speaking at the China (Beijing) Digital Finance Forum in October 2023, former Governor of the People’s Bank of China, Zhou Xiaochuan, emphasized the need to pay close attention to this trend in the development of digital currency.
Despite its strict anti-cryptocurrency stance, China has experienced several prominent crypto-related crimes. In December, rogue foreign exchange traders utilized cryptocurrencies to move funds out of China in an operation worth $2.2 billion, which was subsequently exposed.
Chinese authorities have cited concerns about data theft and money laundering as driving factors behind their crackdown on cryptocurrencies. However, some argue that their true motivation is to combat capital flight.
In 2023, the digital yuan achieved a transaction volume of $250 billion. Later that year, a Chinese court seized a digital yuan wallet in a civil case related to an investment dispute.
Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express.