Chinese Web Censor Resolves to Keep Cracking Down on Crypto After Closing 12K Social Media Accounts

Chinese Web Censor Resolves to Keep Cracking Down on Crypto After Closing 12K Social Media Accounts
Source: Adobe/gui yong nian

China’s web censor has struck once more – and says it can proceed to perform a nationwide crypto crackdown after closing 1000’s of crypto-related social media accounts and ordering the deletion of tens of 1000’s of crypto-themed posts.

Per Yicai, the censor, the Cyberspace Administration of China, says it has closed down some 12,000 accounts – primarily on the Sina-owned Weibo platform and Baidu’s Baidu Tieba. Some 51,000 posts have been deleted and 105 web sites have been pulled offline.

These websites included the likes of Bi Toutiao, which reportedly hosted “cryptocurrency marketing” supplies, revealed tutorials explaining how Mainland Chinese residents might conduct cross-border transactions regardless of the crackdown, and even suggested Chinese readers on how to interact in crypto mining.

Beijing has been significantly eager to stamp out the latter type of exercise, though numerous BTC miners are thought to nonetheless be plying their commerce in Mainland China.

The administration said that it might not cease there, nonetheless, and introduced its intention to “continue suppressing” what it referred to as “illegal financial activities” linked to crypto. It added that it might work with different authorities organs to obtain its purpose.

Despite the 2021 crackdown, crypto-related speak on the aforementioned social media platforms – in addition to WeChat – stays commonplace.

Coinbold.io has seen proof of frank, Chinese-language crypto-related discussions on Weibo and WeChat up to now few months.

Crypto-flavored scams additionally stay rife on Chinese social media platforms – and proceed to declare victims despite the crackdown. Multiple police and authorities companies have tried to counter this with academic campaigns. Elderly people with low-levels of understanding about crypto are sometimes caught up in such scams – most of which promise buyers outlandishly giant returns on their “investments.”

On Wednesday, a number of media shops reported that 9 folks have been arrested in Haikou, Hainan Province, after allegedly duping 100 folks – primarily pensioners and middle-aged folks – into investing in a token the alleged fraudsters mentioned was linked to the worldwide Ponzi rip-off OneCoin.
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Compiled by Coinbold

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