China’s Supreme People’s Court, the country’s highest judicial authority, has launched action to combat the rise in cybercrimes, targeting criminals using blockchain and metaverse projects for illegal activities. The increase in online fraud, cyber violence and breaches of personal information has alarmed the Supreme Court. A significant rise in cybercrimes committed on blockchains and in the metaverse has been reported. Criminals are increasingly using cryptocurrencies for money laundering, making it difficult to trace their illicit wealth.
Cybercrime on the rise
Ge Xiaoyan, deputy procurator general of the Supreme People’s Court, said that charges related to cybercrime phone fraud increased by 64% year-on-year. Alongside the rise in blockchain-related crimes, traditional crimes such as gambling, theft, pyramid schemes and counterfeiting have also expanded into cyberspace. Charges relating to internet theft rose by almost 23%, while those relating to online counterfeiting and the sale of inferior products jumped by almost 86%.
Actions taken by the Supreme Court of China
Prosecutors brought charges against 280,000 individuals in cybercrime cases between January and November. This represents a year-on-year increase of 36%, constituting 19% of all criminal offenses. Zhang Xiaojin, director of the Fourth Procuratorate of the Supreme People’s Court, warned citizens and participants in digital assets against investment scams in the local crypto economy.
New Types of Cybercrime
Zhang Xiaojin highlighted the emergence of new cybercrimes using the metaverse, blockchain and binary options platforms, indicating that digital currencies have become hotspots for these activities. He stressed the need for increased vigilance in the face of these emerging threats.
In conclusion, the Chinese Supreme People’s Court’s action against blockchain and metaverse-related cybercrimes highlights the growing importance of combating these illegal activities in an ever-changing digital environment. Chinese judicial authorities are stepping up their efforts to protect citizens and maintain the integrity of cyberspace in the face of these new forms of crime.
