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Chinese authorities are warning of a Digital Yuan app scam.

Counterfeiters may try to capitalize on the popularity and expectations surrounding the introduction of the digital yuan to deceive innocent people through fake apps from which they can steal personal information.

Date: 2024-02-26 Author: Marek Stiller
Chinese authorities are warning of a Digital Yuan app scam.

China’s Ministry of Industry and Information Technology (MIIT) has issued a warning about new fake programs involving digital yuan applications.

The MIIT recently published a social media post stating that these apps present themselves as an official digital yuan platform and encourage users to download and interact with them, offering them various “promotions.”

The fake app, named “Digital Yuan Test Version,” has a slightly different user interface and a logo similar to the official app. However, by checking the package name, version or MD5 message digest algorithm, one can distinguish the fake from the original.

For example, the “Test Version,” which does not contain government elements, is presented as com.ecny.ecny2, while the official application package name is cn.gov.pbc.dcep.

With logos, user interfaces and slogans comparable to the original, the fake apps often resemble financial pyramids and purport to offer “dividends” to users who provide the software. Fraudsters have misused e-CNY promotions and simulated the distribution of a “national good.”

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When users are lured into downloading the fake apps, they will be required to provide detailed personal information to “verify eligibility,” creating a false sense of legitimacy.

The apps may even ask if users have participated in similar programs and received money in digital yuan, intentionally extending the waiting time in the trap. In the end, the fake apps are set up on a customer service page, but users may not see any deposits in their wallet or withdraw the “funds” sent by the scammers.

Users have to download messaging apps other than those commonly used to solve the “technical problem.” Instead of providing “welfare,” “customer service” would end up asking for money.

Although criminal activity continues to grow with the rise in popularity of China Central Bank Digital Currency(CBDC), users can avoid such scams by using only verified platforms.

In January, the Yangpu District People’s Court in Shanghai handed down a verdict in the first money laundering case using digital yuan and cryptocurrency. In the meantime, China plans to implement more real e-CNY applications.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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