The Cyberspace Administration of China announced that it has shut down 1,418 fake websites this year, which were involved in inducing users to purchase "stablecoins" and other financial products.

PANews reported on January 1st that, according to a report from the Cyberspace Administration of China, based on clues provided by netizens, relevant departments have investigated and dealt with 1,418 illegal and counterfeit websites and platforms this year, an increase of 1.7 times compared to the same period 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 fuel 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.