The Cyberspace Administration of China has lawfully handled 61 websites impersonating financial institutions, involving the inducement of netizens to purchase "stablecoin" and other financial products

Odaily News According to the official WeChat account of the Cyberspace Administration of China's Reporting Center, in 2025, authorities have lawfully handled 1,418 impersonating and counterfeit website platforms. Among these, 61 were websites impersonating financial institutions such as China Merchants Securities and China CITIC Bank, which induced netizens to download apps for stock trading or to purchase so-called "stablecoin" and other financial products, resulting in property losses. The Cyberspace Administration of China's Reporting Center pointed out that impersonating and counterfeit websites typically collect netizens' personal information under the guise of "receiving subsidies," "recharging for consumption," "business cooperation," or "investment and wealth management," in violation of regulations, to carry out fraudulent activities. These actions infringe upon the legitimate rights and interests and property safety of the people, causing significant social harm.