The Supreme People’s Procuratorate (SPP) of China held a press conference on Feb. 23 focused on cybercriminals using metaverse platforms and blockchain for illegal activities amidst rising online fraud and personal data violations.
TakeAway Points:
- The Supreme People’s Procuratorate (SPP) of China held a press conference to address the issues of cybercriminals using metaverse platforms and blockchain for illegal activities.
- Zhang Xiaojin, director of the SPP’s Fourth Procuratorate, alerted the public about the growth of cryptocurrency investment frauds, pointing out the increase in crimes utilizing blockchain, metaverse, and binary options platforms.
- However, the Supreme People’s Procuratorate has assured its citizens of its commitment to recovering stolen properties.
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Cybercrimes on Blockchain and Metaverse Platforms
The press conference was held to address cybercrimes on blockchain and the Metaverse platforms, as well as strategize to punish cybercriminals in accordance with the Law and promoting comprehensive management of cyberspace.
Deputy prosecutor-general Ge Xiaoyan reported an annual rise of 64% in telecom fraud charges linked to cybercrime. Although crimes involving blockchain technology are on the rise, more conventional crimes, such as counterfeiting and gambling, have also moved online. While online counterfeiting increased by 86%, charges for cyber theft increased by 23%.
“From January to November 2023, the procuratorial organs prosecuted a total of 280,000 people for various types of cyber crimes, a year-on-year increase of 35.5%, accounting for 18.8% of all criminal crimes,”
Xiaoyan said.
Zhang Xiaojin, director of the SPP’s Fourth Procuratorate, alerted the public about the growth of cryptocurrency investment frauds, pointing out the increase in crimes utilizing blockchain, metaverse, and binary options platforms. According to him, criminal activity has found a home in digital currencies. However, the Supreme People’s Procuratorate has assured its citizens of its commitment to recovering stolen properties.
“We will make every effort to recover stolen goods and recover damages, strengthening coordination.”
it said.
China’s SPP seeks to improve departmental cooperation in reducing the use of cryptocurrencies and cybercrimes pertaining to digital assets.
