China’s web censor decides to continue cracking down on crypto after 12,000 social media accounts shut down

Source: Adobe/gui yong nian

China’s internet censor has struck again – and says it will continue to lead a nationwide crackdown on crypto after shutting down thousands of crypto-related social media accounts and ordering the removal of tens of thousands of posts on the internet. cryptography theme.

By Yicai, the censor, the China Cyberspace Administrationclaims to have closed some 12,000 accounts – mostly on the sinaWeibo platform owned by Baiduis Baidu Tieba. Some 51,000 posts were deleted and 105 websites were taken offline.

These sites included sites like Bi Toutiao, which reportedly hosted “cryptocurrency marketing” materials, published tutorials on how mainland Chinese citizens could transact across borders despite the crackdown, and even advised Chinese readers on the way to engage in cryptocurrency mining.

Beijing has been particularly keen to stamp out this latest form of activity, even though a large number of BTC miners are believed to still be plying their trade in mainland China.

The administration, however, said it would not stop there and announced its intention to “continue to crack down” on what it called “illegal financial activities” related to crypto. He added that he would work with other government bodies to achieve his goal.

Despite the 2021 crackdown, crypto-related discussions on the aforementioned social media platforms – as well as WeChat – remain commonplace. has seen evidence of candid discussions in Chinese about crypto on Weibo and WeChat over the past few months.

Crypto-flavored scams also remain commonplace on Chinese social media platforms – and continue to claim victims despite the crackdown. Several police and government agencies have attempted to counter this with education campaigns. Older people with low levels of understanding of crypto are often caught up in such scams – most of which promise investors incredibly large returns on their “investments”.

On Wednesday, multiple media reported that nine people were arrested in Haikou, Hainan Province, after allegedly tricking 100 people – mostly retirees and middle-aged people – into investing in a token which, according to the alleged fraudsters, was linked to the international OneCoin Ponzi scam.
Learn more:
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– Chinese crypto users are still finding ways around the ban