WeChat Security Center Issues Notice Cracking Down on Fraud and Pyramid Schemes Under the Guise of Blockchain and Stablecoins

PANews reported on September 23, citing the WeChat Security Center, that the platform has recently continued to crack down on illegal activities such as pyramid schemes and fraud organized by certain WeChat accounts. Criminals, under the guise of "unfreezing national assets," "national projects," and "blockchain virtual currencies and stablecoins," lure users into groups with promises of high returns and recruit them to bring in more people. They then steal accounts through unknown links, guide users to download fraudulent apps, and organize activities such as check-ins and courses to carry out fraud. WeChat stated that, in accordance with national laws and regulations and platform rules, it will impose penalties on the relevant accounts depending on the severity of the situation, ranging from banning groups and restricting functions to account suspension. It also reminded users not to trust "low investment, high return" projects, not to participate in recruiting downlines, and not to click on unfamiliar links or download apps from unknown sources. Users who discover fraudulent behavior can report it through the client's complaint function or via Tencent Guardian.