The Cyberspace Administration of China has removed 1,418 counterfeit websites this year, some of which were impersonating financial institutions to promote "stablecoin" wealth management products.

The Cyberspace Administration of China's Reporting Center reported that it has coordinated the removal of 1,418 illegal and counterfeit websites and platforms this year, a 1.7-fold increase compared to last year. These websites often used pretexts such as "investment and wealth management" and "recharge and consumption" to commit fraud, with servers mostly located overseas and domains frequently redirecting. Among them were 61 websites impersonating financial institutions, using names such as China Merchants Securities and CITIC Bank to lure users into downloading apps for stock trading or purchasing so-called "stablecoins" and other financial products, causing financial losses to netizens. In addition, various counterfeit websites published false investment and recharge information, inducing netizens to purchase virtual goods or fake recharge cards, thus committing fraud.