WeChat to Continue Cracking Down on Accounts Using Blockchain Virtual Currency and Stablecoin Names to Commit Fraud

Odaily News: WeChat will continue to crack down on illegal and criminal activities such as pyramid schemes and fraud organized by certain accounts. Such activities typically use the pretext of national asset unfreezing, national policies, national projects, blockchain virtual currencies, or stablecoins, luring users with high returns to join group chats and recruit others, then stealing WeChat account passwords through suspicious links, inducing downloads of fraudulent apps, or requiring participation in check-ins, meetings, courses, and other activities to carry out scams.

WeChat will take tiered measures against relevant accounts based on the severity of violations, including banning group functions, restricting certain features, and suspending accounts.