WeChat Security Center Targets Blockchain-related Pyramid Scheme Fraud Accounts

The WeChat Security Center has issued an announcement to combat pyramid schemes and fraudulent activities conducted under the guise of blockchain. Recently, some black and gray market accounts have falsely claimed to be part of "national projects," "ethnic asset unfreezing," and "blockchain virtual currencies or stablecoins," luring users into groups with promises of high returns and implementing pyramid-style "referral" schemes. These accounts use forged links to trick users into entering their account passwords and downloading counterfeit applications, ultimately committing property fraud or account theft. WeChat officials stated that they will impose a tiered punishment on violating accounts according to relevant regulations, including disabling group functions, restricting feature usage, and permanently banning accounts. Users are reminded to be wary of Ponzi schemes disguised as blockchain initiatives and to refrain from paying entry fees, recruiting downlines, or downloading applications from unofficial channels.