Chinese Ministry Issues Alert Regarding Counterfeit Digital Yuan Application

A fraudulent digital yuan app has been discovered, as stated in a WeChat post attributed to the Chinese Ministry of Industry and Information Technology. The fake app closely resembles the official version but has minor differences that can be detected.
In addition to deceiving users, the fake app is capable of collecting sensitive user information and provides fake customer service that directs users to “uncommon social tools” in order to facilitate the theft of their funds, according to the ministry.
The fake central bank digital currency app has a logo with a different outline compared to the authentic app, and its user interface is different but similar. It also has a different name, version number, and MD5 message-digest identity.
No information was given about the individuals or groups responsible for the scam, or the measures being taken to stop it. The fake app was not found in the Apple or Google app stores.
This is not the first alleged fraudulent digital yuan app, as similar scams were uncovered in 2021 and 2022. During the 2023 China (Beijing) Digital Finance Forum, former People’s Bank of China Governor Zhou Xiaochuan expressed concern about this trend in the development of digital currency.
Despite China’s strict anti-crypto policy, the country has experienced several high-profile crypto-related crimes. In December, rogue foreign exchange traders used cryptocurrencies to illegally transfer funds out of China in a scheme worth $2.2 billion.
Chinese authorities claim that their campaign against crypto is driven by concerns over data theft and money laundering, but some argue that their true motivation is to combat capital flight.
In 2023, the digital yuan reached a transaction volume of $250 billion. Later that year, a Chinese court confiscated a digital yuan wallet in a civil case related to an investment dispute.
Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express.