{"id":87319,"date":"2023-11-22T00:44:04","date_gmt":"2023-11-22T05:44:04","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinese-police-warn-of-rise-in-cbdc-money-laundering\/"},"modified":"2023-11-22T00:44:06","modified_gmt":"2023-11-22T05:44:06","slug":"chinese-police-warn-of-rise-in-cbdc-money-laundering","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87319","title":{"rendered":"Chinese Police Warn of Rise in CBDC \u2018Money Laundering\u2019"},"content":{"rendered":"<div>\n<figure id=\"attachment_134582\" aria-describedby=\"caption-attachment-134582\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-134582\" class=\"wp-caption-text\">Source: EduardSkorov\/Adobe<\/figcaption><\/figure>\n<p>Chinese police say there has been an increase in CBDC-themed money laundering schemes as the digital yuan rollout continues.<\/p>\n<p>Per the Dushichen Newspaper Agency (va JSChina), officers in Suining, Sichuan Province, stepped in to thwart a scammer.<\/p>\n<p>Detectives explained that a mobile phone store owner surnamed Wang came to the Suning Chengxi Police Station on November 3.<\/p>\n<p>Wang told officers that their bank card had \u201cbeen frozen by the police\u201d in another part of the nation.<\/p>\n<p>The police launched an investigation and found that on November 2, a man came visited Wang\u2019s store and asked if he could use digital yuan tokens to buy handsets.<\/p>\n<p>Wang said they agreed to the man\u2019s request, and that the man said he wanted to buy two Apple iPhones.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udde8\ud83c\uddf3 Chinese Newlyweds to Scoop Digital Yuan Giveaways<\/p>\n<p>Chinese newly married couples stand to receive up to $715 worth of digital yuan tokens, discount vouchers, and coupons for tying the knot.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/China?src=hash&amp;ref_src=twsrc%5Etfw\">#China<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/news?src=hash&amp;ref_src=twsrc%5Etfw\">#news<\/a>https:\/\/t.co\/5MGR07xR5p<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1723999803581841699?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p>\n<\/blockquote>\n<p>The two parties then agreed on a fee of around $2,670 for the two handsets, and then \u201cadded each other\u201d as WeChat contacts.<\/p>\n<p>But things took a suspicious turn, police said, when the man then overpaid for the handsets by over $140.<\/p>\n<p>Wang then proceeded to send the \u201cextra\u201d $140 to the man\u2019s Alipay account, thinking the customer had made a mistake.<\/p>\n<p>The next day, the same customer returned to the mobile phone store, saying that he wanted to buy two more mobile phones \u2013 using the same payment method.<\/p>\n<p>This arose Wang\u2019s suspicions, so the store owner went to a local bank branch to check on the status of the payment.<\/p>\n<p>The bank explained that the customer\u2019s digital yuan wallet had been frozen by the police in Henan.<\/p>\n<p>Officers then contacted the store\u2019s CCTV surveillance provider, identified the customer, and then proceeded to make an arrest.<\/p>\n<p>The customer, surnamed Wei, confessed that he had used his digital yuan wallet to \u201chelp other people launder money.\u201d<\/p>\n<p>Officers said Wei had used similar methods to \u201ccommit 14 fraudulent acts\u201d in other cities, duping vendors out of over $28,100.<\/p>\n<figure id=\"attachment_134583\" aria-describedby=\"caption-attachment-134583\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-134583\" class=\"wp-caption-text\">A rural part of Suning, Sichuan Province, China. (Source: landagent [CC BY_SA 3.0])<\/figcaption><\/figure>\n<h2>China\u2019s CBDC: Digital Yuan Money Laundering on the Rise?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Police called on the public to avoid individuals who ask them to make \u201cdigital renminbi exchange\u201d transactions.<\/p>\n<p>They added that the public \u201cshould be wary of\u201d attempts to obtain their login details and wallet passwords.<\/p>\n<p>And officers said there had been a rise in \u201ccriminals impersonating bank and public security agency staff to obtain [CBDC] wallet passwords.\u201d<\/p>\n<p>Police began noticing a rise in CBDC-related fraud cases in 2021, with a major case of digital yuan-powered money laundering uncovered in March last year.<\/p>\n<p>Also this week, Wuhan police arrested 27 individuals suspected of running a $140 million crypto-powered money laundering operation.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/chinese-police-warn-of-rise-in-cbdc-themed-money-laundering-schemes.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: EduardSkorov\/Adobe Chinese police say there has been an increase in CBDC-themed money laundering schemes as the digital yuan rollout continues. Per the Dushichen Newspaper Agency (va JSChina), officers in Suining, Sichuan Province, stepped in to thwart a scammer. Detectives explained that a mobile phone store owner surnamed Wang came to the Suning Chengxi Police [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese Police Warn of Rise in CBDC \u2018Money Laundering\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: EduardSkorov\/Adobe Chinese police say there has been an increase in CBDC-themed money laundering schemes as the digital yuan rollout continues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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