The Cyberspace Administration of China announced that it has shut down 1,418 fake websites this year, involving inducements to purchase "stablecoins" and other financial products.

[Cyberspace Administration of China: 1,418 Counterfeit Websites Eliminated This Year, Involving Inducement to Purchase "Stablecoins" and Other Financial Products] According to a report from Mars Finance, the Cyberspace Administration of China (CAC) has, based on clues provided by netizens, coordinated with relevant departments this year to investigate and promptly handle 1,418 illegal and counterfeit websites and platforms, an increase of 1.7 times compared to last year. Among them: 323 websites impersonated state-owned enterprises and institutions such as State Grid and Sinopec, publishing false investment and recharge information, inducing netizens to purchase virtual goods and fake recharge cards, leading to netizens being defrauded; 61 websites impersonated financial institutions such as China Merchants Securities and CITIC Bank, inducing netizens to download apps for stock trading or to purchase so-called "stablecoins" and other financial products, causing financial losses.